A poor finish to the week led to the S&P/ASX 200 Index (ASX: XJO) posting a disappointing decline over the four days. The benchmark index dropped 0.7% to 7,473.3 points.
While a good number of shares dropped with the market, some fell more than most. Here's why these were the worst performers on the ASX 200 last week:
Megaport Ltd (ASX: MP1)
The Megaport share price was the worst performer on the ASX 200 last week by some distance with a 28.1% decline. Investors were selling off the network as a service provider's shares after its third quarter update disappointed. For the three months ended 31 March, Megaport reported modest quarter on quarter revenue growth of 5% to $27.9 million. This was well short of the market's expectations and led to consensus estimate downgrades.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price was the next worst performer with a decline of 11.7%. A good portion of this decline was made on Friday during the market selloff. Given that the uranium miner's shares have more than doubled in value over the last 12 months, it appears that some investors decided to take a bit of profit off the table.
OZ Minerals (ASX: OZL)
The OZ Minerals share price was a poor performer and dropped 11.5% over the period. Investors were selling this copper producer's shares after its quarterly update disappointed. OZ Minerals revealed that its gold and copper production was down 6% and 16%, respectively, over the previous quarter. OZ Minerals also reported an increase in its all-in sustaining costs for the period.
Regis Resources Limited (ASX: RRL)
The Regis Resources share price wasn't far behind with an 11.2% decline over the four days. A number of gold miners were sold off last week amid rising bond yields and a softening gold price. This was caused by comments out of the US Federal Reserve, which appears to indicate that interest rates will increase even quicker than expected.
