The S&P/ASX 200 Index (ASX: XJO) gave back all its gains and more on Friday to end its weekly winning streak. The benchmark index lost 1.2% over the five days to end the period at 7,323.7 points.
While a good number of shares dropped lower with the market, some fell more than most. Here's why these were the worst performing ASX 200 shares last week:
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Codan Limited (ASX: CDA)
The Codan share price was the worst performer on the ASX 200 last week with a 23.3% decline. Investors were selling the technology company's shares following the release of its annual general meeting update. Investors appear to have been concerned with comments regarding its softer growth outlook. Particularly given how it won't have the same COVID-19 tailwinds to boost its performance in FY 2022. Management suggested that those tailwinds may have contributed $15 million to $20 million of sales in FY 2021.
Pointsbet Holdings Ltd (ASX: PBH)
The PointsBet share price wasn't far behind with a 22.3% decline over the five days. The catalyst for this was the sports betting company's first quarter update. Although PointsBet's turnover increased 42% year on year to $979.9 million, its growth fell short of expectations. Also concerning investors was its loss of market share in the United States. This was driven by competitors increasing their marketing spend materially ahead of the start of the NFL season.
IOOF Holdings Limited (ASX: IFL)
The IOOF share price was out of form and sank 10.5% last week. Investors were selling the financial services company's shares following the release of its quarterly update. That update revealed significant fund outflows during the period. And while this was offset by favourable market movements, it wasn't enough to stop some investors from hitting the sell button.
Kogan.com Ltd (ASX: KGN)
The Kogan share price was a poor performer and tumbled 10.5% over the five days. Investors have been selling this ecommerce company's shares since the release of its first quarter update a week earlier. Kogan reported a 21.1% year on year and 23.2% quarter on quarter increase in gross sales to $330.5 million. It also reported a meaningful reduction in its inventory. However, this hasn't been enough to stop its shares from sliding. Nor has it stopped short sellers from continuing to target the company.
