The S&P/ASX 200 Index (ASX: XJO) had a mixed five days last week. But thanks to a strong finish, the benchmark index was able to record a very small weekly gain to end at 7,308.6 points.
Unfortunately, not all ASX 200 shares were able to push higher with the market. Here’s why these were the worst performers on the index:
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price was the worst performer on the ASX 200 with a 13.1% decline. The quick service restaurant operator’s shares actually stormed to a record high following the release of its full year results, before starting to sink. This may have been driven by a couple of broker downgrades. Largely on valuation grounds, UBS and Morgans downgraded the company’s shares to neutral/hold ratings.
AGL Energy Limited (ASX: AGL)
The AGL share price wasn’t far behind and sank 10% over the five days. Investors were selling the energy company’s shares following the release of an update on its demerger plans. AGL Energy is planning to become Accel Energy, an electricity generation business focused on the accelerating energy transition. It will then demerge a new entity, AGL Australia, which will be a multi-product energy-led retailing and flexible energy trading, storage and supply business. In order to conserve cash, Australia’s biggest polluter decided to terminate its special dividend program. It also warned of earnings declines in FY 2022.
Bega Cheese Ltd (ASX: BGA)
The Bega share price was out of form and dropped 9.7% last week. This was despite there being no news out of the diversified food company. In fact, not even a positive broker note out of Bell Potter could stop its shares from sinking. Bell Potter is a fan of its recent acquisition of Lion Dairy and Drinks. It has a buy rating and $7.35 price target on its shares.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price was a poor performer and tumbled 9.6% over the period. Once again, this was despite there being no news out of the sports betting company. Though, it is worth noting that rival BlueBet Holdings (ASX: BBT) completed its IPO on Friday. This could potentially mean that some investors sold out of PointsBet to take a position in BlueBet. The BlueBet share price rocketed higher following its listing.