Last week the S&P/ASX 200 index had a week to forget. Due largely to weakness in the banking sector, the benchmark index fell 1.2% over the period to end it at 6709.8 points.
Whilst a good number of shares tumbled lower, some fell more than most. Here's why these were the worst performing ASX 200 shares last week:
The Mayne Pharma Group Ltd (ASX: MYX) share price was the worst performer on the index last week with a 16.8% decline. The majority of this decline came on Friday following the release of the pharmaceutical company's annual general meeting presentation. At the event Mayne Pharma warned that conditions in the key generics market remain very tough. This has led to a 16% decline in group revenue for the first four months of FY 2020.
The Smartgroup Corporation Ltd (ASX: SIQ) share price was out of form last week with a sizeable 15.2% decline. The salary packaging company's shares came under pressure after it announced the impending retirement of its long-serving CEO, Deven Billimoria. He will be replaced by the company's current CFO. Smartgroup also provided its earnings guidance for FY 2019 and is expecting NPATA growth of just 3.8%.
The Polynovo Ltd (ASX: PNV) share price wasn't far behind with a disappointing 13.4% decline. The medical device company's shares came under pressure despite there being no news out of it last week. However, prior to this week its shares had almost quadrupled in value this year, so this could be down to profit taking from some investors.
The Saracen Mineral Holdings Limited (ASX: SAR) share price tumbled 8.9% lower last week. The gold miner's shares tumbled lower after it completed its institutional entitlement offer and placement. Saracen successfully raised $701 million from institutional investors at a discount of $2.95 per share. The proceeds will be used to partly fund the 50% acquisition of the Super Pit.
