It was a disappointing week for the S&P/ASX 200 Index (ASX: XJO). The benchmark index dropped 0.6% over the period to end it at 7,396.5 points.
While a good number of shares dropped lower with the market, some fell more than most. Here’s why these were the worst performing ASX 200 shares last week:
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price was the worst performer on the ASX 200 last week with a sizeable 10.9% decline. This was despite there being no news out of the sports betting company during the period. This decline means the PointsBet share price is down 24% since this time last month even though the company was recommended for a licence in New York.
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price wasn’t far behind with a decline of 9.5% over the five days. Investors were heading to the exits in their droves following the release of the banking giant’s first quarter update. That update revealed a softer than expected profit and significant margin pressures. The latter was driven by higher liquid asset balances, home loan price competition, switching to lower margin fixed rate loans, and the continued impact of a low interest rate environment.
ALS Ltd (ASX: ALQ)
The ALS share price was out of form last week and dropped 7.7%. This followed the release of the testing services company’s half year results. For the six months ended 30 September, ALS delivered a 57.7% increase in underlying NPAT from continuing operations to $127.1 million. However, management’s guidance for full year underlying profit implies a slowdown in its growth in the second half. It is forecasting full year growth of ~30% to ~36%.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price was a poor performer and tumbled 7.6% last week. This may have been driven by weakness in the iron ore price. For example, ahead of trade on Friday, the iron ore price had fallen US$2.75 or 3.1% overnight to US$87.20 a tonne.