The S&P/ASX 200 Index (ASX: XJO) was on form again and recorded its third consecutive weekly gain. Over the period, the benchmark index rose 1.2% to end it at 7,493.8 points.
Unfortunately, not all shares were able to follow the market’s lead. Here’s why these were the worst performers on the ASX 200 last week:
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price was the worst performer on the ASX 200 last week with a 7.5% decline. Investors were selling down gold miners after the price of the precious metal weakened. This has been driven by expectations for quicker than expected rate increases from the US Federal Reserve. The S&P/ASX All Ords Gold index dropped 1.5% over the five days.
Imugene Limited (ASX: IMU)
The Imugene share price was a close second with a decline of 7.4% last week. This was despite there being no news out of the immuno-oncology focused biopharmaceutical company. Though, it is worth noting that Imugene’s shares are on a downward trend right now. So much so, they are now down by 42% since the start of the year. Valuation concerns appear to be weighing on its shares.
James Hardie Industries (ASX: JHX)
The James Hardie share price was out of form and tumbled 7.1% over the five days. Once again, this was despite there being no news out of the building materials company. Though, James Hardie’s shares have come under significant pressure since missing materially with its third quarter earnings in February. The company’s shares hit a 52-week low last week.
Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price was a poor performer and dropped 7% last week. The majority of this decline is attributable to the retailer’s shares trading ex-dividend. In February, Harvey Norman released its half year results and declared a fully franked interim dividend of 20 cents per share. This will now be paid to eligible shareholders next month on 2 May.