It was another disappointing week for the S&P/ASX 200 Index (ASX: XJO). The benchmark index recorded its fourth consecutive weekly decline after falling 0.5% over the period to 7,241.2 points.
While a good number of ASX 200 shares fell with the market, some fell more than most. Here's why these were the worst performing shares on the index over the period:
Image source: Getty Images
Regis Resources Limited (ASX: RRL)
The Regis Resources share price was the worst performer on the ASX 200 last week with a 12.7% decline. Investors were selling its shares following a pullback in the gold price after the US Federal Reserve continued with its hawkish rhetoric despite the Omicron threat. For the same reasons, a host of other gold miners including Perseus Mining Limited (ASX: PRU) and Ramelius Resources Limited (ASX: RMS) fell heavily.
Afterpay Ltd (ASX: APT)
The Afterpay share price was out of form and tumbled 10% over the five days. This was driven by weakness in the Square share price, which the Afterpay share price is intrinsically linked to due to its takeover. Last week Afterpay advised that it would be delaying the shareholder vote on the takeover until early next year. It explained that this was due to regulatory delays.
IDP Education Ltd (ASX: IEL)
The IDP Education share price wasn't far behind with an 8.9% decline last week. Investors were selling this language testing and student placement company's shares following the emergence of the Omicron variant of COVID-19. Investors appear concerned that IDP Education's performance could be negatively impacted by this latest development.
GUD Holdings Limited (ASX: GUD)
The GUD share price was out of form and dropped 8.6% over the period. This diversified products company's shares tumbled lower after raising funds to acquire Auto Pacific Group for approximately $744.6 million. GUD raised gross proceeds of approximately $290 million through an institutional placement and institutional entitlement offer at $10.40 per new share. This represented a 13.5% discount to its last close price.
