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Last week the S&P/ASX 200 Index (ASX: XJO) was on form again and recorded a strong gain of 2.8% to finish at 5391.1 points.
Not all shares on the index were able to climb higher, though. Here's why these ASX 200 shares were the worst performers on the index last week:
The Orocobre Limited (ASX: ORE) share price was the worst performer on the ASX 200 last week with a 6.5% decline. This was despite there being no news out of the lithium miner during the period. However, a week earlier Orocobre warned that the completion of its Olaroz Stage 2 Expansion has been delayed due to COVID-19 restrictions. Management advised that it is currently assessing the likely extent of these delays and continues to evaluate options to conserve capital and optimise progress.
The Inghams Group Ltd (ASX: ING) share price was out of form and dropped 6.5% lower. Last week the poultry company released a market update and warned that changes in volume and channel mix across its business have made it difficult to provide full year guidance. Management revealed that it has experienced a decline in out of home consumption of poultry products due to social distancing measures.
The Alumina Limited (ASX: AWC) share price came under pressure last week and fell 6.2%. This appears to have been driven largely by a broker note out of Credit Suisse. Its analysts downgraded Alumina's shares to a neutral rating from outperform. The broker made the move after making a downward revision to its alumina price forecasts.
The Qantas Airways Limited (ASX: QAN) share price wasn't far behind with a 6.1% decline. This was despite the airline revealing that it has boosted its liquidity further. Qantas has secured a further $550 million in funding against three of its wholly-owned Boeing 787-9 aircraft. This means that Qantas now has sufficient liquidity to see it through the worst case scenario of trading conditions remaining as they are until the end of December 2021. That wasn't enough for analysts at Credit Suisse to change their view on the company. They have retained their underperform rating and $2.20 price target.
