The S&P/ASX 200 Index (ASX: XJO) was on form last week and stormed notably higher. The benchmark index rose 2% or 145.8 points to end the period at 7,538.4 points.
Unfortunately, not all shares on the index were able to climb higher with the market. Here’s why these were the worst performers on the ASX 200 over the five days:
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price was the worst performer on the ASX 200 last week with a disappointing 12.2% decline. Investors were selling the iron ore producer’s shares after the price of the steel making ingredient tumbled lower. This was driven by concerns over potential steel production curbs in China. For the same reason, the Fortescue Metals Group Limited (ASX: FMG) share price fell 7.5% and the Mineral Resources Limited (ASX: MIN) share price fell 6.5% last week.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price was out of form and dropped 8.8% last week. This was driven by the completion of the sports betting company’s institutional placement and entitlement offer. PointsBet has raised $81 million at $8.00 per share and a further $215.1 million at $10.00 per share. These funds were raised to support PointsBet’s North American marketing and client acquisition, technology and product development, and US market access and government licensing fees.
Perseus Mining Limited (ASX: PRU)
The Perseus Mining share price wasn’t far behind with a decline of 6%. Investors were selling Perseus and other gold mining shares following weakness in the gold price. This led to the S&P/ASX All Ords Gold index falling 1.7% over the five days.
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price was a poor performer and fell 4.9% over the five days. All of this decline came on the final day of the week following the release of the full year results of rival REA Group Limited (ASX: REA). REA also included a trading update for July, which revealed a sharp decline in Sydney listing volumes during July because of lockdowns. Domain has significant exposure to the Sydney market.