The S&P/ASX 200 index fought back from a selloff on Monday to record the smallest of gains last week. The benchmark index rose 5.4 points or 0.1% to finish it at 7022.6 points.
A number of shares acted as a drag on the index last week. Here's why they were the worst performers on the ASX 200 over the period:
Oil Search Limited (ASX: OSH)
The Oil Search share price was the worst performer on the index with a decline of 11.6%. The energy producer's shares came under pressure after oil prices crashed lower amid concerns that the coronavirus outbreak was going to impact demand. For the same reason the Beach Energy Ltd (ASX: BPT) share price took a tumble last week. Its shares fell a disappointing 10.9% over the period.
IOOF Holdings Limited (ASX: IFL)
The IOOF share price wasn't far behind with a decline of 10% last week. Investors were selling the financial services company's shares after it provided its half year guidance. IOOF expects underlying net profit after tax for the half year to December 31 to be in the range of $61 million to $63 million. While this was broadly in line with expectations, I suspect the market was betting on IOOF outperforming after its strong share price gain over the last 12 months.
CLINUVEL Pharmaceuticals Limited (ASX: CUV)
The CLINUVEL share price was out of from last week and dropped 9.5% lower. The biopharmaceutical company's shares have been on a downward trend this year after a strong gain in 2019. This latest decline means that CLINUVEL's shares are now down 12.5% since the start of the year. On January 31 the company reported cash receipts of $3.7 million for the second quarter, up 43% on the prior corresponding period. Some investors may have been expecting better.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine Estates share price continued its slide and dropped a further 8.1% last week. Investors have been selling the wine company's shares after it downgraded its FY 2020 EBITS guidance at the end of January. Treasury Wine's first half performance fell short of expectations due to tough trading conditions in the United States market. Management now expects EBITS growth of 5% to 10% in FY 2020, down from its previous guidance of 15% to 20% growth.
