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Highlights
The ASX 200 index fell 4.2% to end the period at 6,932 points last Friday.
Equities traded on a weak note due to a continuous rise in interest rates by global central banks to tame inflation.
While a large number of stocks traded in the red last week, there were a few which plunged more than others.
The Australian share market ended last week on a muted note, mainly on account of a continuous rise in interest rates by global central banks to tame inflation. The benchmark ASX 200 index fell 4.2% to end the period at 6,932 points.
Utilities, materials, information technology, and energy along with other sectors resulted in losses in the broader market. The decline in commodity prices negatively impacted domestic mining and energy stocks following the announcement of new lockdown measures in China. The declined in commodity prices negatively impacted the domestic mining and energy stocks following the announcement of new lockdown measures in China.
While a large number of stocks traded in the red last week, there were a few which plunged more than others. These stocks fell for different reasons including some price-sensitive announcements.
On this note, let’s discuss why these three ASX-listed stocks were the worst performers last week:
ZIP Co Ltd (ASX:Z1P)
ZIP is a payment solution provider. The company offers point-of-sale and digital payment services to merchants and consumers across the health, retail, education, and travel industries. The ASX-listed share declined 20.3% last week.
ZIP shares were under pressure last week following the announcement of the launch of Apple’s BNPL service. Apple said that its Pay Later would allow users to split the cost of an Apple Pay purchase into four equal payments with no interest. It implies that merchants would now no longer need to offer BNPL to customers to transact with them with this new payment method.
Magellan Financial Group Ltd (ASX:MFG)
Magellan Financial Group is a publicly owned investment manager which invests in global equities and global listed infrastructure markets worldwide. Magellan Financial Group’s share fell 17.8% last week.
Investors were downbeat about the stock for a couple of reasons. The first one was a weaker monthly update which showed that the company witnessed a further significant fall in funds under management (FUM). The other was the removal of the stock from the ASX 100 index.
PointsBet Holdings Ltd (ASX:PBH)
A corporate bookmaker PointsBet Holdings is a corporate bookmaker. It has developed a cloud-based wagering platform to offer its clients sports and racing wagering products. The stock has dipped over 16.5% in the past week.
Investors sold shares of PointsBet Holdings amid weakness in the tech sector.
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