It was a good five days for the S&P/ASX 200 Index (ASX: XJO) last week. The benchmark index rose 1.4% over the period to end at 7,420.3 points.
Unfortunately, not all shares climbed higher with the market. Here's why these were the worst performing ASX 200 shares last week:
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price was the worst performer on the ASX 200 last week with a 27.8% decline. Investors were selling off the fund manager's shares after it announced the termination of the St James's Place mandate. The release notes that the mandate represents approximately 12% of the company's current annual revenues. As a result, the termination of the mandate at this point in the financial year is anticipated to impact its FY 2022 revenues by 6%. Investors appear concerned more mandates could be lost, particularly given the abject performance of its flagship fund.
CIMIC Group Ltd (ASX: CIM)
The CIMIC share price was some way behind as the next worst performer with a 9% decline. This was despite the mining, construction and engineering services company announcing a $1.8 billion New South Wales government contract win for its subsidiary CPB Contractors. It is unclear what sparked the selling.
Bega Cheese Ltd (ASX: BGA)
The Bega share price was out of form and dropped 8.1% over the five days. Investors were selling the diversified food company's shares after the release of underwhelming FY 2022 guidance. Bega provided guidance for normalised EBITDA in the range of $195 million to $215 million. While this will be an increase of 37% to 51% year on year, it was short of the market's expectations. The Bloomberg consensus estimate was $222 million.
Charter Hall Group (ASX: CHC)
The Charter Hall share price wasn't far behind with a 7% decline. This follows news that the property company is acquiring a 50% interest in Paradice Investment Management (PIM). Charter Hall advised that it will pay $207 million for the stake. This comprises 70% in shares and 30% in cash. PIM is a fund manager with around $18.2 billion in funds under management. It appears as though some investors are keen on the move.
