The S&P/ASX 200 Index (ASX: XJO) gained a respectable 3.8% in November, with no help at all from these three sliding ASX 200 shares.
One is a casino operator.
Another is a gold and copper miner.
And the third is a uranium producer.
Now, before we dive in, just because these ASX 200 shares had a month to forget in November doesn't necessarily mean the months ahead will also deliver underperformance.
In some cases, we might find the opposite to be true, with beaten-down stocks rebounding as business conditions and market sentiment shift.
With that said…
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Three ASX 200 shares taking a dive in November
Starting with the third worst ASX 200 share performer of the month just past, we have casino operator Star Entertainment Group Ltd (ASX: SGR).
Star Entertainment shares closed out 31 October trading for 26.5 cents each and ended November at 19.5 cents. This saw the Star Entertainment share price down 16.4% over the month.
The selling action started on 30 October and looks to have been driven by a disappointing quarterly update.
Among the headwinds, the company reported an 18% drop in revenue for the three months to 30 September of $351 million. Unfortunately, costs went the other way. Star reported operating expenses of $287 million, up 10% year on year.
November is starting off on a decidedly brighter note, with the Star Entertainment share price up 10.3% in intraday trading on Monday at 21.5 cents.
Moving on to the second-worst ASX 200 share performer in November, we have gold and copper miner West African Resources Ltd (ASX: WAF).
West African Resources shares closed out October at $1.84 and finished November at $1.52 apiece. That put the ASX 200 miner down 17.4% over the month.
There's no clear reason why the mining stock had such a poor month, though it's worth noting that both the copper and gold prices retraced in November. This saw the S&P/ASX All Ordinaries Gold Index (ASX: XGD) decline by 7.2% over the month.
As for its longer-term outlook, in a 5 November update, West African executive chairman Richard Hyde said, "WAF is on track to produce 4 million ounces over the next decade, with annual production set to peak in 2029 at 473,000 ounces of gold. Our unhedged resources now stand at 12.8 million ounces and Ore Reserves at 6.1Moz of gold."
Which brings us to the worst ASX 200 share to have held in November, Aussie uranium producer Boss Energy Ltd (ASX: BOE).
Boss shares closed October trading for 26.5 cents each and ended November trading for 19.5 cents. That put the Boss Energy share price down a painful 21.2% over the month.
Despite shares gaining 4.7% on 15 November amid news of production and revenue growth at its joint venture Alta Mesa Uranium Project in the United States, Boss Energy shares remained under pressure amid slumping uranium prices.
As we reported on 29 November, however, Tribeca's Nuclear Opportunities Fund portfolio manager Guy Keller expects 2025 to be a dramatically better year for this ASX 200 stock, partially thanks to incoming US President Donald Trump.
