The S&P/ASX 200 Index (ASX: XJO) was out of form last week and recorded its largest weekly decline in over a year. The benchmark index fell 2.9% over the period to end it at 7,175.8 points.
While the majority of shares on the ASX 200 fell over the period, some fell more than most. Here’s why these were the worst performers on the index last week:
Megaport Ltd (ASX: MP1)
The Megaport share price was the worst performer on the ASX 200 last week with an 18.7% decline. Investors were selling the elastic interconnection services provider’s shares following the release of its second quarter update. According to the release, Megaport posted a quarter on quarter monthly recurring revenue (MRR) increase of $0.6 million to $9.2 million. This led to an 8% increase in second quarter revenue to $26.6 million. While its revenue was in line expectations, a number of brokers lowered their price targets due to expectations of a higher investment spend.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price was some way behind as the next worst performer with a decline of 11.4%. This means that the medical device company’s shares gave back all of the previous week’s gain and a little bit more. Short sellers will have been pleased. PolyNovo remains one of the most shorted shares on the ASX.
Kogan.com Ltd (ASX: KGN)
The Kogan share price was out of form and dropped 10.8% over the five days. Investors were selling the ecommerce company’s shares following a couple of poor updates from industry peers. One of those was from the Wesfarmers Ltd (ASX: WES) owned Catch business. It reported first half gross sales growth of just 1% and a sizeable loss. These businesses have previously delivered very similar results, so this may not bode well for Kogan’s performance.
BlueScope Steel Limited (ASX: BSL)
The BlueScope share price wasn’t far behind with a 10.4% decline over the period. This was despite there being no news out of the steel producer. However, last week S&P Global warned that slowing demand for steel in Brazil would limit pricing in 2022.