The S&P/ASX 200 Index (ASX: XJO) ran out of steam last week and took a bit of a tumble. The benchmark index fell 0.8% over the five days to 7,308 points.
While a good number of shares dropped lower with the market, some fell more than most. Here’s why these were the worst performers on the index last week:
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price was the worst performer on the ASX 200 last week with a decline of 13.8%. However, this is no ordinary decline. This decline was caused by the spin-off of its drinks business. This saw Endeavour Group Limited (ASX: EDV) join the ASX 200 index on Thursday, with Woolworths’ shareholders receiving one Endeavour Group share for every Woolworths share they hold.
The Codan share price was the next worst performer with a decline of 8.8% over the five days. Investors may have been selling the metal detector-focused technology company for a couple of reasons. One is the weakening gold price outlook, which investors may fear could soften demand for its metal detectors. Also potentially weighing on its shares was some recent and significant insider selling by its CEO.
The Nuix share price wasn’t far behind with an 8.6% decline last week. This means the embattled investigative analytics and intelligence software provider’s shares are now down 70.2% since the start of the year. This latest decline appears to have been driven by news that a search warrant was executed at Nuix’s Sydney office seeking documents. Though, it is worth noting that it advised that this is in relation to an investigation into the affairs of an individual and does not relate to any allegation of wrongdoing by Nuix.
Mesoblast limited (ASX: MSB)
The Mesoblast share price was out of form and dropped 6.9% over the period. This was despite there being no news out of the biotechnology company last week. Though, with its shares still up over 14% since this time last month, this decline could have been caused by profit taking from some investors.