Last week S&P/ASX 200 Index (ASX: XJO) overcame a poor start to record a decent gain. The benchmark index rose 41.9 points or 0.6% over the five days to end the period at 7,362 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:
Pendal Group Ltd (ASX: PDL)
The Pendal share price was the worst performer on the ASX 200 last week with a 15.2% decline. The majority of this decline came on Friday following the release of the fund manager’s latest funds under management (FUM) update. For the September quarter, Pendal reported a large increase in its FUM. However, this was largely due to an acquisition. Excluding this, Pendal actually reported net fund outflows of $2.3 billion during the three months.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price was out of form and dropped 13.8% over the five days. Investors were selling the casino and resorts operator’s shares following media reports alleging money laundering, organised crime, large-scale fraud, and foreign interference. Star responded stating that it “is concerned by a number of assertions within the media reports that it considers misleading.” This appears to have spooked SKYCITY Entertainment Group Limited (ASX: SKC) shareholders. Its shares dropped 6.7% over the five days.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price was a poor performer and lost 11.8% of its value last week. This decline appears to have been driven by the fund manager’s release of another disappointing FUM update. That update revealed that Platinum experienced net outflows of approximately $292 million in September. In response, Credit Suisse retained its underperform rating and cut its price target to $3.20.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price was the next worst performer with a decline of 5.2% over the period. Most of this decline occurred on the final day of the week when the insurance giant revealed that ASIC has launched civil proceedings against it in the Federal Court. The regulator is alleging that the company misled customers by applying discounts while simultaneously upping premiums. It is alleged that NRMA customers missed out on more than $60 million worth of discounts.