Last week was one to forget for the S&P/ASX 200 Index (ASX: XJO). The benchmark index lost 3.1% of its value to end the period at 7,205.6 points following a global market selloff.
While a good number of shares dropped with the market, some fell more than most. Here’s why these were the worst performing ASX 200 shares last week:
AVZ Minerals Ltd (ASX: AVZ)
The AVZ share price was the worst performer on the ASX 200 last week with a 21.2% decline. Investors were selling this lithium developer’s shares after the release of an update on its Manono Lithium Project in the Democratic Republic of the Congo. Although AVZ revealed the positive news that a mining licence has been granted, it also spoke about an ownership dispute. This could see the company ultimately owning just 51% of the project.
ARB Corporation Limited (ASX: ARB)
The ARB share price wasn’t far behind with a disappointing 20.7% decline. The catalyst for this was the release of a market update from the 4×4 parts manufacturer. That update reveals that the company expects to report a 12% increase in revenue to $700 million in FY 2022. However, due to a large increase in costs, its margins and earnings are under significant pressure.
Imugene Limited (ASX: IMU)
The Imugene share price was a very poor performer and sank 18.2% over the five days. Investors were selling this biotech’s shares after it announced the termination of a supply agreement with Merck. Although the company downplayed the news, it wasn’t enough for some investors to stick around.
Life360 Inc (ASX: 360)
The Life360 share price continued its slide and tumbled 17.9% last week. This follows significant weakness in the tech sector following a selloff on the Nasdaq index. Among the hardest hit were companies that are not yet profitable such as location technology company Life360. Not even its recent update, revealing a 129% increase in revenue to US$52.7 million and a 73% jump in annualised monthly revenue to US$166.1 million, has been able to stop its slide.