It was a volatile but positive week for the S&P/ASX 200 Index (ASX: XJO) last week. The benchmark index ultimately recorded a 1.4% gain to finish the period at 7,217.3 points.
Unfortunately, not all shares climbed higher with the market. Here's why these were the worst performers on the ASX 200 last week:
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Appen Ltd (ASX: APX)
The Appen share price was the worst performer on the ASX 200 last week with an 11% decline. Investors were selling off this artificial intelligence data services company's shares again last week amid weakness in the tech sector and concerns over potentially softening demand for its offering. This followed a weak update from Meta (Facebook) and a recent announcement from the tech giant regarding advances it has made with data labelling algorithms.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was out of form and tumbled 8.4% last week. The catalyst for this was the release of the mining and mining services company's half year results. Those results fell well short of expectations, with Mineral Resources delivering an underlying net loss after tax of $36 million for the six months. This compares to the consensus estimate of a $105 million profit.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price wasn't far behind with a decline of 7.3% over the five days. This follows news that the infection prevention specialist is revising its deal with GE Healthcare in North America immediately before it then terminates in June. The new sales model will see Nanosonics become responsible for all inventory, shipping, installations, and training of new customers. The changes are expected to impact its sales in the second half and lead to an increase in costs as its builds up its direct sales capabilities. GE Healthcare has been instrumental in growing Nanosonics' market share in North America.
AGL Energy Limited (ASX: AGL)
The AGL share price was a poor performer and dropped 7.3% last week. The majority of this decline occurred the day after the release of its half year results following a mixed response from brokers. For example, Morgans responded to the energy company's half year results by retaining its hold rating and cutting its price target to $7.24. Although AGL delivered a result that was better than Morgans expected, the broker continues to believe that it is a difficult investment proposition ahead of its demerger.
