Due to a disappointing finish to the month, the S&P/ASX 200 Index (ASX: XJO) recorded a small monthly decline in October and finished the period at 7,323.7 points.
While a good number of shares dropped with the market, some fell more than most. Here's why these were the worst performing ASX 200 shares last month:
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Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was the worst performer on the ASX 200 last month with a decline of 22.3%. Investors were selling the coal miner's shares amid a pullback in coal prices during the month. This follows reports in China that coal producers in the country have agreed to observe a price ceiling for thermal coal ahead of the winter heating season.
EML Payments Ltd (ASX: EML)
The EML Payments share price wasn't far behind with a disappointing 21.3% decline during the month. Investors were selling the payments company's shares following the release of an update on regulatory action by the Central Bank of Ireland (CBI). The CBI revealed that it is planning to take action against EML's PFS Card Services (Ireland) business. While no financial details have been provided by EML, management warned that the potential directions "could materially impact the European operations of the Prepaid Financial Services (PFS) business."
Codan Limited (ASX: CDA)
The Codan share price was out of form and sank 19.3% in October. All of this decline came in the final week of the month following the release of the technology company's annual general meeting update. Investors appear to have been concerned with comments regarding its softer growth outlook. Management also highlighted that COVID-19 tailwinds contributed $15 million to $20 million of sales in FY 2021. These tailwinds are unlikely to be repeated in FY 2022.
Pendal Group Ltd (ASX: PDL)
The Pendal share price was a poor performer and tumbled 17.4% over the period. Investors were selling the fund manager's shares following the release of its latest funds under management (FUM) update. For the September quarter, Pendal reported a large increase in its FUM. However, this increase was driven by a recent acquisition. Excluding this, Pendal reported net fund outflows of $2.3 billion during the three months.
