Last week, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose an impressive 1.5% over the five days to finish the period at 7,406.2 points.
Unfortunately, not all shares were able to climb higher with the market. Here's why these were the worst performers on the ASX 200 last week:
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Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price was the worst performer on the ASX 200 last week with a 17.6% decline. This was despite the radiopharmaceuticals company revealing that the buildout of its Belgian production facility has begun. To fund the development, the company has secured an $18.2 million loan and applied for $3 million of grants. In other news, Telix issued 1,400,000 shares upon the exercise of unlisted share options. This is the third such issue in the space of four weeks. Given how these were exercisable at a much lower price than the current Telix share price, it's possible that they were swiftly sold.
Austal Limited (ASX: ASB)
The Austal share price wasn't far behind with an 11.8% decline over the five days. Investors were selling the shipbuilder's shares after the Philippines Navy decided to sole-source foreign-built Offshore Patrol Vessels. This was instead of purchasing Austal-built vessels facilitated through a Government Memorandum of Understanding with the Commonwealth of Australia. Austal will now focus on securing orders for commercial ferries for its Philippines shipyard. The company also copped a downgrade from Macquarie late in the week.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price was out of form and sank 11.6% last week. This was driven by the release of a trading update out of the medical device company. Fisher & Paykel Healthcare advised that it expects FY 2022 operating revenue in the range of NZ$1.675 billion to NZ$1.70 billion. This represents a 13.7% to 15% year on year decline from NZ$1.97 billion in FY 2021. It also warned that higher freight costs would impact margins.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price continued its slide and dropped a further 9.8% last week. Investors were selling the embattled fund manager's shares after its founder, Hamish Douglass, resigned as a director with immediate effect. Douglass took indefinite leave from the role as chairman last month following a period of intense pressure and focus on both his professional and personal life. This may be being interpreted as a sign that he won't be coming back.
