It was another tough week for the S&P/ASX 200 Index (ASX: XJO) after the US Federal Reserve indicated that it would start to raise rates in March. The benchmark index lost 2.6% of its value during the four-day week to end it at 6,988.1 points.
While a good number of shares tumbled with the market, some fell more than most. Here's why these were the worst performers on the ASX 200 last week:
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price was the worst performer on the ASX 200 with a 19.1% decline. Investors were selling gold miners last week after the gold price pulled back following hawkist rhetoric from the US Federal Reserve. The likes of Regis Resources Limited (ASX: RRL), Ramelius Resources Limited (ASX: RMS), and Resolute Mining Limited (ASX: RSG) recorded similarly severe declines of 17% to 18%.
Kogan.com Ltd (ASX: KGN)
The Kogan share price wasn't far behind with a 16.9% decline over the period. Investors were selling the ecommerce company's shares following the release of a trading update. According to the release, Kogan achieved a 9% lift in first half gross sales thanks to the inclusion of the Mighty Ape business for the full six months instead of just one month in the prior corresponding period. Things were much worse for its earnings, with Kogan reporting a massive 58% decline in EBITDA to $21.7 million. This was driven by supply chain challenges, higher logistic costs, and its investment in marketing. Once again, the six-month inclusion of Mighty Ape masked over what would have been an even bigger earnings decline.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price was out of form and sank 16.2% over the four trading sessions. This was driven by weakness in the tech sector. In addition, the sports betting company's second quarter update received a lukewarm response from investors. PointsBet reported an 11% increase in group turnover to $1,326 million and net win growth of 61% to $71.9 million. However, also growing were its losses. PointsBet's operating loss widened to $51.8 million.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was the next worst non-gold miner with a 15.8% decline. This appears to have been driven by weakness in the battery materials sector and a broker note out of Ord Minnett. In respect to the latter, the broker downgraded the company's shares to a sell rating with a $45.00 price target on valuation grounds.
