It was a great five days for the S&P/ASX 200 Index (ASX: XJO) last week. Despite a subdued finish, the benchmark index rose 1.5% over the period to end it at 7,353.5 points.
Unfortunately, not all shares were able to climb with the market. Here's why these were the worst performing ASX 200 shares last week:
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Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price was the worst performer on the ASX 200 last week with a 10% decline. Investors were selling this struggling fund manager's shares after it announced the surprise exit of its Chief Executive Officer, Dr Brett Cairns. Magellan provided very little detail around the exit, other than saying that Dr Cairns is leaving for personal reasons. This sparked speculation of a boardroom fallout, which was refuted by Magellan's Chairman. The fund has promoted its Chief Financial Officer, Ms Kirsten Morton, to the top job on an interim basis.
Virgin Money UK (ASX: VUK)
The Virgin Money share price was some way behind as the next worst performer with a 4% decline. This was despite there being no news out of the UK-based bank. However, Virgin Money UK's shares have come under pressure since the release of its full year update last month. That update revealed that the bank will incur 275 million pounds in restructuring costs over the next three years. This was approximately double what the market was expecting.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price was out of form and dropped 3.6% over the five days. This could have been driven by weakness in nickel prices caused by new supply coming onto the market. In addition, profit taking may have weighed on the company's shares following some strong recent gains. For example, the Nickel Mines share price is still up 31% since this time last month despite last week's decline.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price was a poor performer and lost 3.3% of its value last week. This may have been caused by profit taking. A week earlier the quick service restaurant operator's shares were among the best performers after investors responded positively to its half year results. Collins Foods reported a 9.5% increase in revenue to a record of $534.2 million and a 31.6% jump in underlying net profit after tax to $28.9 million.
