The S&P/ASX 200 Index (ASX: XJO) was out of form last week and recorded a disappointing decline. The benchmark index dropped 1.5% or 116.3 points to end the week at 7,406.6 points.
While a good number of shares dropped lower some fell more than most. Here's why these were the worst performing ASX 200 shares last week:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price was the worst performer on the ASX 200 last week with a 12.4% decline. The iron ore giant's shares came under significant pressure after they traded ex-dividend for its fully franked $2.11 per share final dividend. In addition to this, a sizeable decline in the iron ore price weighed on its shares. The steel making ingredient tumbled sharply lower after Chinese authorities took a stricter stance on steel production curbs and started sintering restrictions.
Omni Bridgeway Ltd (ASX: OBL)
The Omni Bridgeway share price was out of form and tumbled 11.1% over the period. This follows the release of an update on the Brisbane Flood class action. Unfortunately for the litigation funder, the Supreme Court of New South Wales Court of Appeal has found the remaining defendant, Seqwater, not liable to the group members in the Brisbane Floods Class Action. The company is considering an appeal of the ruling.
Polynovo Ltd (ASX: PNV)
The Polynovo share price wasn't far behind with a decline of 10.9% for the week. A good portion of this decline came on Friday after the medical device company announced the resignation of its Chief Operating Officer, Dr. Anthony Kaye. According to the release, Dr Kaye is returning to biotherapeutics giant CSL Limited (ASX: CSL) in a more senior position.
Regis Resources Limited (ASX: RRL)
The Regis Resources share price was out of form and sank 10% over the five days. Regis Resources and its fellow gold miners came under significant pressure last week after a pullback in the spot gold price. This led to the S&P/ASX All Ords Gold index falling over 4% during the week.
