It was another solid month for the S&P/ASX 200 Index (ASX: XJO) in June. Over the period the benchmark index recorded a gain of 2.1% to 7,313 points.
Unfortunately, not all shares were able to follow the market's lead. Here's why these were the worst performing ASX 200 shares in June:
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Nuix Ltd (ASX: NXL)
The Nuix share price was the worst performer on the ASX 200 last month with a disappointing 20.2% decline. The investigative analytics company's shares were sold off again in June following a series of negative developments. One was yet another downgrade to its guidance on 31 May. This was followed by the exit of several executives, police raids on its offices, and insider trading revelations. Investors appear concerned what impact these developments will have on its customer base.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price was out of form and sank 18.5% over the month. A disappointing production update late in the month weighed heavily on the gold miner's shares. As did a pullback in the gold price. In fact, the precious metal had its worst month in around four years in June. For similar reasons, Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), Ramelius Resources Limited (ASX: RMS), Regis Resources Limited (ASX: RRL), and Silver Lake Resources Limited (ASX: SLR) all recorded very large declines during the month.
OZ Minerals Limited (ASX: OZL)
The OZ Minerals share price had a disappointing month and sank 11.1% over the period. This weakness appears to have been driven by a decline in copper prices. The base metal came under pressure due to concerns that Chinese authorities are going to try to curb a recent rally in commodity prices.
Austal Limited (ASX: ASB)
The Austal share price wasn't far behind with a decline of 9.3% in June. Investors were selling the shipbuilder's shares after it downgraded its earnings guidance due to COVID-19 related delays. Austal expects its earnings before interest and tax (EBIT) to be in the range of $112 million to $118 million in FY 2021. This is down from its previous EBIT guidance of $125 million.
