November left a lot to be desired for ASX investors. Over the month just gone, the All Ordinaries Index (ASX: XAO) went backwards by roughly 0.7%, meaning most ASX shares had a rough month. But some certainly fared worse than others.
So here are 6 of the worst performing shares on the ASX share market over November.
6 of the worst ASX shares in November
Westpac Banking Corp (ASX: WBC)
ASX big four bank Westpac is our first poor November performer. Westpac had a rough month, going from $25.67 a share at the end of October to $20.52 a share a month later. That’s a drop of roughly 20.1%. This seemed to be catalysed by the bank’s full year earnings report for FY2021 that was released at the start of the month.
Even though Westpac announced a 138% increase in statutory profits, and a final and fully franked dividend of 60 cents a share, investors seem to have been selling out ever since. This steep decline has pushed Westpac’s dividend yield up to 5.74% on today’s pricing at $20.54 a share.
Zip Co Ltd (ASX: Z1P)
Buy now, pay later (BNPL) share Zip Co was another poor performer in November. This company continued the disappointing year it has had in 2021 last month, going from $6.50 a share at the start to end up at $5.17 by the end – a drop of 20.5%. There weren’t any major catalysts for Zip that might easily explain this move. However, BNPL shares like Zip seemed to have a rough time across the board. Its rival Afterpay Ltd (ASX: APT) fell nearly 12% over the month as well.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
ASX pharma share Clinuvel didn’t have a great time of it last month either. This company began November at $38.61 a share, but ended up finishing at $28.77. That’s a fall of 25.5% or so. My Fool colleague James attributed this to a broker note out of Jefferies. Over the month, Jefferies downgraded the company to a ‘hold’, partly over concerns with Clinuvel’s flagship Scenesse product facing rising competition.
Nearmap Ltd (ASX: NEA)
Nearmap was yet another disappointing investment over November. This aerial mapping company went from $2.21 a share on market close 29 October, to finish at $1.60 on Tuesday afternoon. That’s a painful drop of 27.6%. This appears to have been sparked by Nearmap’s guidance for FY2022 that the company released halfway through the month.
Even though Nearmap told investors that it is expecting the value of its contracts to grow between 17% and 24.8% for FY2022 over FY21’s $133.8 million, Neaprmap shares still continued to fall.
Pushpay Holdings Ltd (ASX: PPH)
Pushpay is next up. This charity and church-focused payments company had a shocker last month, falling from $1.80 a share all the way down to $1.30 by Tuesday. That’s a drop of 27.8%. These woes seem to stem from the company’s update from 10 November. This was Pushpay’s half-year results, which included a 9% rise in revenues to US$93.5 million, alongside a 43% increase in net profits after tax to US$19.1 million.
But unfortunately for the company, it also included an earnings guidance downgrade for FY2022. It previously flagged earnings of between US$66 and US$71 million, but now is only anticipating between US$62 million and US$67 million.
Tyro Payments Ltd (ASX: TYR)
One of the worst ASX performers over November was the paymets company Tyro. Tyro Payments went from $4.04 a share on 29 October to finish up on 30 November at just $2.88. That’s a steep drop of 28.7%. This poor performance seemed to be precipitated by Tyro’s annual general meeting which the company held on 3 November.
It appears Tyro’s gross profit of $28.5 million for the year to 31 October (growth of 14%) wasn’t quite up to what investors were hoping for, considering the company delivered growth of 28% over FY2021. Subsequently, Tyro shares were also subject to some less-than-enthusiastic broker notes afterwards.
All of these factors combined to make Tyro one of the worst performing ASX shares on the entire share market over November.