It certainly was a positive week for the S&P/ASX 200 Index (ASX: XJO). The benchmark index was in fine form and climbed 149.2 points or 2.1% to end the period at 7,179.5 points.
Unfortunately, not all shares climbed higher with the market last week. Here’s why these were the worst performers on the ASX 200 over the five days:
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price was the worst performer on the ASX 200 last week with a decline of 23.7%. Investors were selling the horticulture company’s shares following the release of its annual general meeting update. That update revealed that it is only expecting its first half performance to be marginally ahead of the prior corresponding period. This is being driven by weakness in its domestic operations and currency headwinds. One broker that was very disappointed with the update was Morgans. It notes that the deterioration in produce business profitability raises questions around how much Costa benefited from the pandemic-driven surge in food consumption a year earlier.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price was out of form and sank 12% over the five days. The catalyst for this was the medical device company’s full year results. Although Fisher & Paykel Healthcare reported a 56% increase in operating revenue to NZ$1.97 billion and an 82% jump in net profit after tax to NZ$524 million, its outlook appears to have spooked investors. Management warned that things were too uncertain to provide guidance. Analysts at Citi believe the company’s inability to forecast FY 2022 earnings means there will be a wide range of predictions for how much its profit falls after the pandemic-led boost to hospital equipment sales fades.
The CSR share price was a poor performer and fell 6.5% last week. The majority of this decline came on Friday after the building materials company’s shares went ex-dividend. Eligible CSR shareholders can now look forward to receiving its fully franked 24 cents per share final dividend in their bank accounts on 2 July.
Resolute Mining Limited (ASX: RSG)
The Resolute share price was out of form and tumbled 5.6% over the five days. This was despite other gold miners pushing higher last week and driving the S&P/ASX All Ords Gold index to a 2% weekly gain. However, prior to this week, the Resolute share price was up an impressive 26% month to date. This could have led to some profit taking from investors.