The S&P/ASX 200 Index (ASX: XJO) was out of form last week and edged into the red. The benchmark index fell 0.2% over the period to end at 7,478 points.
While a number of shares fell with the market, some fell more than others. Here's why these were the worst performing ASX 200 shares last week:
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AVZ Minerals Ltd (ASX: AVZ)
The AVZ share price was the worst performer on the ASX 200 last week with a 13.8% decline. This appears to have been driven by profit taking from traders after some major gains in recent weeks. For the same reason, Liontown Resources Limited (ASX: LTR) and Pilbara Minerals Ltd (ASX: PLS) shares recorded double-digit declines over the five days.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price was out of form and sank 10.9% over the period. This may have been driven by weakness among battery material shares such as those above. In addition, Iluka Resources Ltd (ASX: ILU) announced that it will go ahead with phase three of the Eneabba Rare Earths Refinery in Western Australia. Iluka's refinery will compete with Lynas and produce high value rare earth oxides neodymium, praseodymium, dysprosium and terbium.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price wasn't far behind with a 10.8% decline during the week. All of this decline came on Friday following the release of the fund manager's latest funds under management (FUM) update. According to the release, Platinum's FUM fell 7.9% or $1.7 billion in March to $19.442 billion. This was despite only recording net outflows of $222 million and the ASX 200 rising over 6% during the month.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price was a poor performer again last week and dropped a further 10.5%. This was despite the sports betting company announcing the launch of iGaming and sportsbook operations in Ontario, Canada. This positive news appears to have been offset by negative sentiment in the industry, which led to many of PointsBet's global peers tumbling lower last week as well.
