The S&P/ASX 200 Index (ASX: XJO) was on course to record a small gain last week until a pullback on Friday. This led to the benchmark index finishing the week 1.8 points lower at 7,392.6 points.
A number of ASX 200 shares performed particularly poorly and weighed heavily on the index. Here’s why these were the worst performers over the five days:
Crown Resorts Ltd (ASX: CWN)
The Crown share price was the worst performer on the ASX 200 last week with a 14.1% decline. This casino and resort operator’s shares have come under significant pressure since Star Entertainment Group Ltd (ASX: SGR) announced that it was ending merger talks. Star advised that while it remains interested in a potential merger, there is just too much uncertainty at present. It notes that there are concerns that Crown could lose its Melbourne licence.
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price wasn’t far behind with a disappointing 13.6% decline. The embattled infant formula company’s shares were sold off amid concerns over potential regulatory changes in China. This follows sweeping changes to a range of other sectors, which have led to fears that the government may look to favour domestic producers. In addition, another soft quarterly update by smaller rival Bubs Australia Ltd (ASX: BUB) on Friday weighed on investor sentiment in the space.
Nuix Ltd (ASX: NXL)
The Nuix share price was out of form and tumbled 11.7% over the five days. This was despite there being no news out of the beleaguered investigative analytics and intelligence software company. However, its shares were strong performers a week earlier, so this has reversed those gains. The Nuix share price is down 70% since the start of the year.
Appen Ltd (ASX: APX)
The Appen share price was a poor performer and dropped 11.1% last week. Once again, this was despite there being no news out of the artificial intelligence data services company. Though, broad weakness in the tech sector appears to have played a role in some of this decline. The S&P ASX All Technology index lost 3.35% over the period.