The S&P/ASX 200 Index (ASX: XJO) was on form again last week and stormed higher. The benchmark index rose 90.5 points or 1.2% to finish the period at 7,628.9 points.
Unfortunately, not all shares were able to climb higher with the market. Here’s why these were the worst performing ASX 200 shares last week:
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price was the worst performer on the ASX 200 last week with an 11.1% decline. Investors were selling the gold miner’s shares after the price of the precious metal tumbled amid concerns that the US Fed may taper sooner than expected. For the same reason, the shares of Resolute Mining Limited (ASX: RSG) and Ramelius Resources Limited (ASX: RMS) fell heavily. They were down 10.7% and 10%, respectively.
News Corporation (ASX: NWS)
The News Corp share price wasn’t far behind with a 10.8% decline over the five days. This was despite the media giant being the subject of a number of positive broker notes. One of those came from Macquarie on Monday. It retained its outperform rating with a slightly trimmed price target of $49.00. This compares to the current News Corp share price of $31.39.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price was out of form and tumbled 8.1% over the week. Investors were selling the Canadian iron ore producer’s shares after the price of the steel making ingredient dropped. Concerns over steel production curbs in China and rising supply are weighing on prices.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price was under pressure and fell 7.5% last week. This decline was driven by Rio Tinto’s shares going ex-dividend on Thursday for its interim and special dividends. The mining giant is paying its shareholders fully franked dividends totalling 760.06 cents per share. This comprises an interim dividend of 509.42 cents per share and a special dividend of 250.64 cents per share.