The S&P/ASX 200 Index (ASX: XJO) was on form last week and recorded a solid gain. The benchmark index rose 0.7% or 53.5 points to end the period at 7,415.5 points.
Unfortunately, not all shares were able to climb with the market. Here's why these were the worst performing ASX 200 shares last week:
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Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was the worst performer on the ASX 200 last week with a decline of 11.1%. This appears to have been driven by a pullback in coal prices. This follows reports in China that coal producers in the country have agreed to observe a price ceiling for thermal coal ahead of the winter heating season.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price wasn't far behind with a decline of 10.1% over the five days. Investors were selling the travel agent's shares following the release of a trading update at its annual general meeting. Flight Centre revealed that its sales reached 27% of pre-COVID levels globally during September, which is still well short of making its operations breakeven. In response to the update, Goldman Sachs commented: "Overall, while the outlook remains positive and corporate progress is encouraging, the update remained lacklustre on leisure." Flight Centre also raised $400 million via a convertible notes offering.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was out of form and dropped 9.2% last week. This was despite there being no news out of the mining and mining services company. Though, investors have been selling its shares in recent months due to its exposure to falling low grade iron ore prices. In addition, the team at Ord Minnett held firm with their hold rating but trimmed their price target on the company's shares to $50.00 last week.
Alumina Limited (ASX: AWC)
The Alumina share price was a poor performer and tumbled 8.4% over the period. Last week analysts at Credit Suisse downgraded the alumina producer's shares to a neutral rating with a price target of $1.90. Credit Suisse doesn't believe current alumina prices are sustainable and feels its shares expensive at current levels.
