It was another quality week for the S&P/ASX 200 Index (ASX: XJO). Over the five days, the benchmark index climbed 115.9 points or 1.6% to end at a record high close of 7,295.4 points.
Unfortunately, not all shares were able to follow the market's lead. Here's why these were the worst performing ASX 200 shares last week:
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Nuix Ltd (ASX: NXL)
The Nuix share price was the worst performer on the ASX 200 last week with a disappointing 23.2% decline. The investigative analytics company's shares were sold off again after it downgraded its guidance just over a month after issuing it. Nuix is now expecting pro forma revenue of $173 million to $182 million in FY 2021. This compares to its 21 April guidance of $180 million to $185 million. Management blamed this latest downgrade on the timing of closure of some upsell opportunities and new potential customers.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price was out of form and sank 12.6% last week. This appears to have been driven largely by weakness in the gold price. Silver Lake wasn't the only gold miner that was under pressure. This led to the S&P/ASX All Ords Gold index losing 3.5% of its value over the five days.
Mesoblast limited (ASX: MSB)
The Mesoblast share price was a poor performer and dropped 8.9%. Investors were selling the allogeneic cellular medicines company's shares following its third quarter update. During the quarter, the company reported a loss after tax of US$26.5 million. This brought its financial year to date loss to US$76.75 million. Fortunately, thanks to a US$110 million private placement in March, the company finished the period with a cash balance of US$158.3 million. Management believes this is sufficient to meet its short-term goals, commitments, and ongoing operations during the next twelve months.
Appen Ltd (ASX: APX)
The Appen share price was just a fraction behind with a decline of almost 8.9% over the five days. This was driven by weakness in the tech sector and news that the artificial intelligence data services company's CEO, Mark Brayan, has sold 109,430 Appen shares. Mr Brayan received a total consideration of $1.43 million for the shares. Though, it is worth noting that the sale was made to satisfy tax obligations arising from the vesting of 173,153 performance rights.
