Although the S&P/ASX 200 Index (ASX: XJO) recorded a strong gain on Friday, it wasn't enough to stop a sizeable decline over the five days. The benchmark index fell 1.8% to 7,075.1 points.
While a good number of shares dropped with the market, some fell more than most. Here's why these were the worst performers on the ASX 200 last week:
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Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price was the worst performer on the ASX 200 last week with a 24.5% decline. This appears to have been driven by the market volatility and weakness in a number of commodity prices. This includes nickel and copper, which are down 15% and 11%, respectively, since this time last month. Chalice has exposure to these metals at its Julimar Nickel-Copper-PGE Project.
Novonix Ltd (ASX: NVX)
The Novonix share price wasn't far behind with a 20.5% decline. This is despite there being no news out of the battery technology company. However, a number of battery materials shares came under pressure last week as investors reduced their exposure to higher risk investments. This decline means the Novonix share price has now lost approximately two-thirds of its value in 2022.
Block Inc (ASX: SQ2)
The Block share price was out of form and dropped 19.6% over the five days. This followed a sharp decline by the payments giant's NYSE listed shares. Investors were selling Block's shares amid weakness in the tech sector, a significant drop in the bitcoin price, and the release of several less-than-bullish broker notes.
IGO Ltd (ASX: IGO)
The IGO share price was a poor performer and dropped 12.8% last week. This appears to have been driven by the aforementioned pullback in commodity prices and a sell down of battery materials shares. IGO's operations have exposure to nickel and lithium.
