The S&P/ASX 200 Index (ASX: XJO) finished a very positive month in a disappointing fashion. The benchmark index fell 0.5% over the five days to end the period at 7,025.8 points.
While a number of shares dropped lower last week, some fell more than most. Here's why these were the worst performers on the ASX 200 last week:
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Beach Energy Ltd (ASX: BPT)
The Beach Energy share price was the worst performer on the ASX 200 last week after crashing 23.7% lower. Almost all of this decline came on Friday following the release of its quarterly update. That update fell short of expectations due largely to issues at the Western Flank oil and gas operation. Unfortunately, these issues aren't going away in a hurry. As a result, management has downgraded its FY 2021 production guidance to between 25.2 MMboe and 25.7 MMboe from between 26.5 MMboe and 27.5 MMboe. It has also withdrawn its five-year outlook.
St Barbara Ltd (ASX: SBM)
The St Barbara share price was out of form and sank 11.3% over the five days. This appears to have been driven by a softer than expected quarterly update by the gold miner. According to the release, St Barbara reported third quarter gold production of 82,303 ounces and an all-in sustaining cost (ASIC) of A$1,649 per ounce. This compares unfavourably to 89,670 ounces and an ASIC of A$1,517 per ounce during the second quarter.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price wasn't far behind with a decline of 10.2% last week. This was driven by the release of a disappointing quarterly update. For the three months ended 31 March, Nickel Mines reported quarterly production of 10,067.5 tonnes of nickel. This was down 12.7% from the December 2020 quarter. In addition, higher costs and lower sales volumes led to the company reporting a 29.2% decline in EBITDA to US$50.7 million.
Nuix Ltd (ASX: NXL)
The Nuix share price continued its slide and sank 10.2% lower last week. This was despite there being no news out of the investigative analytics and intelligence software provider. However, the Nuix share price has been under significant pressure after downgrading its guidance around six weeks after reaffirming it. Nuix's shares hit a record low during the week.
