The S&P/ASX 200 Index (ASX: XJO) gave back all its weekly gains and a little bit more on Friday. This led to the benchmark index falling 2.9 points over the period to end at 7,403.7 points.
While a good number of shares dropped lower with the market, some fell more than most. Here's why these were the worst performers on the ASX 200 last week:
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Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price was the worst performer on the ASX 200 last week with a 16.4% decline. The majority of this decline came on Friday after the iron ore producer was hit with a double whammy of falling prices and a broker downgrade. In respect to the latter, UBS has downgraded the company's shares to a sell rating and cut the price target on them from $18.00 to $15.00. UBS made the move on the belief that iron ore prices will fall to US$70 to US$80 a tonne.
IRESS Ltd (ASX: IRE)
The IRESS share price wasn't too far behind with a decline of 12% over the period. Once again, the majority of this decline came on Friday after an update on its takeover talks with EQT. As you might have guessed, those talks have not gone well. IRESS advised that discussions between it and EQT have now concluded and the parties have been unable to agree a transaction. Last month EQT tabled a non-binding offer to acquire IRESS for $15.91 cash per share.
AGL Energy Limited (ASX: AGL)
The AGL share price was out of form and dropped 9.7% over the five days. This may have been driven by news that the Australian Shareholders Association (ASA) plans to vote in favour of the company introducing emissions targets in line with the Paris Agreement. Whereas AGL has recommended shareholders vote against the resolution.
Brambles Limited (ASX: BXB)
The Brambles share price was a poor performer and tumbled 9.3% last week. Investors were selling the supply chain logistics company's shares following the release of an update on Monday. That update revealed that Brambles is expecting underlying profit growth of just ~1% to ~2% in FY 2022. This is due to management flagging FY 2022 as an investment year for the company.
