The S&P/ASX 200 Index (ASX: XJO) was on form and recorded its first weekly gain in over a month. The benchmark index rose 1.9% to end the period at 7,320.1 points.
Unfortunately, not all shares were able to follow the market higher. Here's why these were the worst performers on the ASX 200 last week:
EML Payments Ltd (ASX: EML)
The EML Payments share price was the worst performer on the ASX 200 last week with a 15.7% decline. The catalyst for this was the release of an update on regulatory action by the Central Bank of Ireland (CBI). The CBI revealed that it is planning to take action against EML's PFS Card Services (Ireland) business. While no financial details have been provided by EML, it warned that the potential directions "could materially impact the European operations of the Prepaid Financial Services (PFS) business."
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price was the next worst performer with a 6.3% decline over the five days. This was despite there being no news out of the infection prevention company. This latest decline means the Nanosonics share price has now lost almost a third of its value in 2021.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price wasn't far behind with a decline of 5.9%. This is despite the company announcing the launch of its new Evora Full sleep apnoea mask. A broker note out of UBS may have offset this news. Its analysts were pleased with the launch of a new mask, which is in line with current industry trends. However, UBS continues to believe its shares are overvalued at the current level and retained its sell rating and NZ$22.65 (A$21.50) price target.
Mesoblast limited (ASX: MSB)
The Mesoblast share price was out of form and dropped 5.8% last week. This means the biotechnology company's shares have now lost 54% of their value since this time last year. While there was no news out of Mesoblast last week, concerns over its precarious balance sheet have been weighing on its shares this year. Unless it has significant trial success, there are fears the company will have to raise funds yet again.
