A strong gain on the final day of the month wasn't enough to stop the S&P/ASX 200 Index (ASX: XJO) sinking in September. The benchmark index lost 2.6% of its value during the month and finished at 7,332.2 points.
While a good number of shares sank with the market, some fell more than most. Here's why these were the worst performers on the ASX 200 last month:
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Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price was the worst performer on the ASX 200 in September with a disappointing 28.8% decline. This was driven by a combination of its shares going ex-dividend for its massive final dividend, a number of broker downgrades, and a sharp decline in iron ore prices. The latter was most pronounced with the low grade iron ore that Fortescue specialises in.
IRESS Ltd (ASX: IRE)
The IRESS share price wasn't far behind with a decline of 22.1% over the month. Investors were selling the financial technology company after its takeover talks with EQT end. IRESS revealed that discussions between the two parties concluded without being able to agree on a transaction. EQT had tabled a non-binding offer to acquire IRESS for $15.91 cash per share. The IRESS share price ended the month at $11.52.
BlueScope Steel Limited (ASX: BSL)
The BlueScope share price was a poor performer and tumbled 18.7% in September. This appears to have been driven by a sharp contraction in Australian steel spreads. In addition, the steel manufacturer's shares traded ex-dividend early in the month for its 44 cents per share final dividend.
Regis Resources Limited (ASX: RRL)
The Regis Resources share price was just behind with a decline of 18.6% during the month. This was driven by a weakening gold price and concerns over its McPhillamys Gold Project. This project is one of the largest undeveloped open pit gold projects in Australia and seen as the key driver of the company's future growth. However, Regis is still seeking approval and the progress to gaining it has been taking much longer than anticipated.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was a poor performer and tumbled 18.4% last month. This mining and mining services company's decline was driven largely by the collapsing iron ore price. Things have been particularly bad for lower grade ore which Mineral Resources mines.
