The S&P/ASX 200 Index (ASX: XJO) was only open for three days last week but that didn’t stop it from recording a decent gain. The benchmark index rose 0.3% over the period to end at 7,444.6 points.
Unfortunately, not all shares climbed higher with the market. Here’s why these were the worst performing ASX 200 shares last week:
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price was the worst performer on the ASX 200 last week with a decline of 4.3%. This was despite there being no news out of the biopharmaceutical company. However, its shares have come under a spot of pressure recently amid concerns over a new product that is competing with its Scenesse therapy.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price wasn’t far behind with a decline of 3.7% over the three days. This appears to have driven by a spot of weakness in coal prices. In addition, S&P Global reported that China’s metallurgical coal prices are expected to remain bearish in 2022. Industry sources have suggested that demand will fall 2.9% below 2021 levels.
Afterpay Ltd (ASX: APT)
The Afterpay share price continued its poor run and dropped 3.5% over the period. This has been driven by sustained weakness in the Square share price on Wall Street. As shareholders have voted in favour of Square’s all-scrip takeover deal, the value of the transaction rises and falls with its share price. The Afterpay share price ended the year 30% lower despite the takeover.
Stockland Corporation Ltd (ASX: SGP)
The Stockland share price was out of form and dropped 3% last week. However, this decline was driven largely by the property company’s shares going ex-dividend for its 12 cents per share interim dividend. Eligible shareholders can now look forward to being paid this dividend in around eight weeks on 28 February.