The S&P/ASX 200 Index (ASX: XJO) overcame tough trading conditions to record a decent gain in February. The benchmark index rose 1.1% to end the period at 7,049.1 points.
Unfortunately, not all shares were able to climb higher with the market. Here's why these were the worst performing ASX 200 shares last month:
Boral Limited (ASX: BLD)
The Boral share price was the worst performer on the ASX 200 last month with a 39% decline. However, this decline is a touch misleading as it wasn't driven by bad news. This decline actually reflects the building materials company returning a total of $3 billion to shareholders following a series of asset sales. Boral's total cash return of $2.72 per share comprises a $2.65 per share capital reduction and an unfranked dividend of 7 cents per share.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price was out of form again and sank 30% in February. This brings the sports betting company's 12-month decline to 75%. Investors were selling the company's shares following weakness in the tech sector and particularly the sports betting industry. The latter was driven by a disappointing update from rival DraftKings. Its shares crashed after revealing a loss of US$326 million for the fourth quarter. It also warned that it was likely to make a loss of US$1 billion in 2022 due largely to marketing costs.
Zip Co Ltd (ASX: Z1P)
The Zip share price wasn't far behind with a 25% decline last month. Investors were selling the buy now pay later (BNPL) provider's shares amid weakness in the industry and in response to its half year update. That update revealed a greater than expected loss for the first half of FY 2022. Speculation that a capital raising was imminent also weighed on sentiment.
Appen Ltd (ASX: APX)
The Appen share price was sold off again and tumbled 25% in February. Investors were selling down the artificial intelligence data services company's shares following the release of its full year results. Appen reported a 3% increase in underlying EBITDA to US$77.7 million in FY 2021, which fell short of its revised guidance. Management also didn't provide any guidance for FY 2022, which didn't help sentiment.
