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Highlights
The ASX 200 index recorded its worst week in last two years.
The benchmark index shed 6.6% of its value to end at 6,474.8 points Friday.
While a large number of stocks fell during last four trading sessions, a few tanked more than others.
The Australian share market witnessed a significant decline last week. The benchmark ASX 200 index has recorded its worst week in the last two years. The benchmark index gave away 6.6% of its value to end at 6,474.8 points last Friday. The factors that impacted investors' sentiments in last few days include an interest rate hike by the Reserve Bank of Australia, a cut in global growth forecast by the World Bank and the latest rate hike by the Federal Reserve along with other central banks.
While a large number of ASX-listed stocks fell during the last four trading sessions, a few tanked more than others. On this note, let’s discuss why these three shares were the worst performers on the ASX 200 last week:
GUD Holdings Ltd (ASX:GUD)
GUD Holdings operates in the consumer discretionary sector. It is a distributor of automotive filtration and other service parts, electrical appliances, cleaning products, water pumps, locking systems and other security products, pool equipment and associated equipment industrial and commercial storage products and systems.
The ASX-listed share was the worst performer on the ASX 200 with a fall of 27.1%. The shares were under pressure last week after the company downgraded its underlying operating earnings guidance to AU$147 million in FY2022, compared to the previous guidance in the range of AU$155 million to AU$160 million.
Block Inc (ASX:SQ2)
Formerly Square Inc, Block is a global technology company with a focus on financial services. The tech company builds tools to help more people access the economy.
The tech firm’s shares fell 26.1% last week. Block’s shares traded on a weak note last week after the company held its annual general meeting (AGM). NorthStar Asset Management hit out at the company’s voting structure and a few moves taken by its management at the meeting.
Hub24 Ltd (ASX:HUB)
HUB24 is a financial services company. It offers investment and superannuation portfolio administration services, the provision of licence services to financial advisers and software license and IT consulting services.
Hub24’s share price has fallen 20.1% in the last week. The overall weakness in the tech sector has largely impacted the share price of the company. In addition, the investment platform provider informed in its investor briefing event that platform flows had been negatively impacted by market volatility.
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