The S&P/ASX 200 Index (ASX: XJO) was on form again last week and stormed to a 13-month high. The benchmark index rose 1% or 68.3 points to end the period at 7,063.5 points.
Unfortunately, not all shares were able to climb higher with the market. Here's why these were the worst performing ASX 200 shares last week:
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Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven share price was the worst performer on the ASX 200 last week with a 17.7% decline. Investors were selling the coal miner's shares after the release of a production and guidance update. That update reveals that the company's production has been impacted by poor weather conditions and geological challenges. As a result, Whitehaven downgraded its FY 2021 managed ROM production at the Narrabri mine. Rather than its previous guidance of 5.3Mt to 5.5Mt, the company now expects production of 4.5Mt to 4.9Mt.
Regis Resources Limited (ASX: RRL)
The Regis Resources share price wasn't too far behind with a disappointing 14.9% decline over the five days. The gold miner's shares came under pressure after announcing an agreement to acquire a 30% interest in the Tropicana Gold Project for $903 million from IGO Ltd (ASX: IGO). To fund the acquisition, Regis raised $494 million from institutional investors at a 14.8% discount of $2.70 per share. It will now seek to raise a further $156 million via the fully underwritten retail component of the entitlement offer. The market doesn't appear convinced with the acquisition management labelled as "transformational".
Origin Energy Ltd (ASX: ORG)
The Origin share price was a poor performer and dropped 9.7% last week. The majority of this decline came at the end of the week when the energy company downgraded its earnings guidance for FY 2021. Origin was forced to make the downgrade due to an adverse and unexpected outcome on a domestic gas contract price review and continued headwinds in energy markets' operating conditions. The company is now expecting its energy markets division to post a 30% to 35% decline in operating earnings in FY 2021.
TPG Telecom Ltd (ASX: TPG)
The TPG Telecom share price continued its slide and sank 5.7% lower last week. The telco's shares have been on a downward trajectory ever since the surprise exit of its founder and chairman, David Teoh, last month. In addition to this, the improving outlook for rival Telstra Corporation Ltd (ASX: TLS) appears to have led to many investors choosing its shares ahead of TPG Telecom.
