The S&P/ASX 200 Index (ASX: XJO) had a volatile but positive month in April.
During the period, the benchmark index recorded a gain of 3.6% to finish at 8,126.2 points.
Unfortunately, not all shares were able to climb with the market. Here's why these were the worst-performing ASX 200 shares last month:
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Nuix Ltd (ASX: NXL)
The Nuix share price was the worst performer on the ASX 200 with a decline of 20.9%. Investors were selling the investigative analytics and intelligence software provider's shares following the release of a trading update. Nuix revealed that it now expects Annualised Contract Value (ACV) growth to come in at the lower end of its FY 2025 guidance range of 11% to 16%. Management commented: "Recent increases in uncertainty and volatility in the geopolitical and global economic landscape, while creating opportunities, are impacting the predictability of deal closure timeframes. Against this backdrop Nuix currently expects Annualised Contract Value (ACV) growth for the full year to be in the lower end of the previously advised range of 11-16% in constant currency."
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price wasn't far behind with a decline of 18.2% for the month. This appears to have been driven by falling oil prices. Traders were selling down oil amid concerns that a global trade tariff war would negatively impact demand. In addition, expectations that OPEC+ will increase its output also weighed on sentiment.
South32 Ltd (ASX: S32)
The South32 share price was out of form and dropped 14.6% in April. Investors were selling miners like South32 last month due to falling commodity prices. As with Beach Energy, this was driven by concerns that demand could be impacted negatively by the tariff war. Following this weakness, the diversified miner's shares are now down by 25% over the past six months.
Perpetual Ltd (ASX: PPT)
The Perpetual share price was just a touch behind with a decline of 14.5% during the month. This appears to have been driven by broad market weakness at the start of the month and then the release of an underwhelming quarterly update in the middle of April. The latter led to analysts at Citi downgrading the fund manager's shares to a neutral rating (from buy) with a reduced price target of $18.25 (from $24.80). Macquarie then followed suit and retained its neutral rating but slashed its price target materially to $15.44 from $19.74.
