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Highlights
Despite ongoing geopolitical tensions, the ASX 200 gained in March.
The benchmark advanced 4% over the month to end at 7,499.6 points.
However, there were stocks which couldn’t follow the market’s lead and posted losses.
The Australian share market performed reasonably well in March despite the ongoing geopolitical challenges. The benchmark ASX 200 gained 6.4% over the month to end at 7,499.6 points.
Despite majority of the ASX-listed stocks posting a rise, there were a few which continued to show weakness. These stocks couldn’t mimic the market’s lead and reported weakness in March, leading to losses for their shareholders.
On this note, let’s discuss these ASX-listed stocks which were the worst performers in the month of March:
Nickel Mines Ltd (ASX:NIC)
Nickel Mines is an Australia-based company that is focused on producing nickel pig iron (NPI).
The miner was the worst ASX performer in March with over 21% fall. The stock was under stress on concerns over its ties with Tsingshan. The stainless steel major Tsingshan, Nickel Mines’ largest shareholder, was trapped in a huge nickel short squeeze, reportedly leading to massive losses for investors.
Westgold Resources Ltd (ASX:WGX)
Westgold Resources is an explorer and developer of gold mines. It operates in the goldfields of outback Western Australia.
The stock fell over 17% in March. The fall was due to the company’s AU$100 million institutional placement. The company raised the funds at 13.9% discount of AU$2.44 per new share to boost its Murchison and Bryah growth strategy.
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Zip Co Ltd (ASX:Z1P)
ZIP Co Limited is a payment solution provider. The company offers point-of-sale and digital payment services to merchants and consumers across health, retail, education, and travel industries
The stock fell over 13% in March. The stock appears to be under pressure amid weak investor sentiment in the buy now pay later (BNPL) segment.
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