Last week was a disappointing one for the S&P/ASX 200 Index (ASX: XJO). The benchmark index dropped 0.7% over the period to end the week at 7,063.6 points.
While a good number of shares dropped lower with the market, some fell more than most. Here's why these were the worst performing ASX 200 shares last week:
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price was the worst performer on the ASX 200 last week with a 25.2% decline. Investors were selling this nickel miner's shares amid concerns over its ties with stainless steel giant Tsingshan. It is the company's largest shareholder and one of its biggest customers. As Tsingshan has been caught up in a huge short squeeze, which reportedly will lead to billions in losses, there were fears that this could lead to share sales or sales contract terminations.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price was some way behind as the next worst performer with its decline of 11.7%. The majority of this decline is attributable to the mining giant's shares trading ex-dividend last week for its $6.63 per share fully franked final dividend. Eligible shareholders will be paid this huge dividend next month on 21 April. It was largely for the same reason that the Deterra Royalties Ltd (ASX: DRR) share price lost 9.1% of its value last week.
BlueScope Steel Limited (ASX: BSL)
The BlueScope share price wasn't too far behind with a drop of 9.5%. This appears to have been driven by concerns over rising input costs. With iron ore and metallurgical coal prices climbing to sky high levels again, this could put significant pressure on the steel producer's margins.
Zip Co Ltd (ASX: Z1P)
The Zip share price was out of form again and sank 8.7% last week. This appears to have been caused by weakness in the tech sector and a recent broker note out of UBS. In respect to the latter, UBS has downgraded Zip's shares to a sell rating and cut the price target on them by 80% to just $1.00. Not even heavy insider buying was enough to keep the Zip share price above water.
