The S&P/ASX 200 Index (ASX: XJO) was well and truly out of form last week. The benchmark index lost 2% of its value and ended the period at 7,185.5 points.
While a good number of shares tumbled lower with the market, some fell more than most. Here’s why these were the worst performers on the ASX 200 last week:
NEXTDC Ltd (ASX: NXT)
The NEXTDC share price was the worst performer on the ASX 200 last week with a decline of 12.7%. This was despite there being no news out of the data centre operator. However, tech shares were sold off last week amid the market volatility. This was especially the case for tech shares trading on high multiples like NEXTDC.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was out of form and tumbled 9.9% lower last week. This mining and mining services company’s shares were the subject of a bearish broker note last week out of Morgan Stanley. According to the note, the broker has retained its underperform rating and cut its price target on Mineral Resources’ shares to $41.00. The broker thinks investors should stay away from miners with exposure to low grade iron ore.
Afterpay Ltd (ASX: APT)
The Afterpay share price wasn’t far behind with a decline of just under 9.9% over the five days. This decline was driven by weakness in the Square share price last week. The payments giant’s shares lost 9.5% of their value over the Friday to Thursday (24 to 30 September) trading sessions. And as Square is acquiring Afterpay in an all-scrip deal, the value of the takeover changes with the Square share price.
HUB24 Ltd (ASX: HUB)
The HUB24 share price was out of form and dropped 9.6% over the period. Significant weakness in the tech sector even offset a bullish broker note out of Citi last week. According to that note, the broker has retained its buy rating and $32.00 price target on HUB24’s shares. It believes the investment platform provider is well-placed to grow its earnings at a strong rate over the medium term.