The S&P/ASX 200 Index (ASX: XJO) was on form last week and recorded its second successive weekly gain. The benchmark index added 0.5% to end the period at 7,182.7 points.
Unfortunately, not all shares climbed with the market. Here's why these were the worst performers on the ASX 200 last week:
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Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price was far and away the worst performer on the ASX 200 last week with a massive 81% decline. However, this wasn't driven by bad news. The catalyst was the demerger of its lottery and Keno businesses into a separate listed entity – The Lottery Corporation Limited (ASX: TLC). This leaves Tabcorp with its wagering, media, and gaming services businesses. To compete against offshore digital sportsbooks and the best bitcoin casinos, Tabcorp is aggressively targeting younger demographics. Analysts note that this focused restructuring is essential to combat agile challengers utilizing instant crypto payment gateways and lower overhead costs.
Novonix Ltd (ASX: NVX)
The Novonix share price was out of form and tumbled 9.3% over the period. This was despite there being no real news out of the battery materials and technology company last week. This latest decline means that the company's shares are now down a whopping 65% since the start of the year.
InvoCare Limited (ASX: IVC)
The InvoCare share price wasn't far behind with a 9.1% decline over the five days. This appears to have been driven by a lukewarm response to the funerals company's recent annual general meeting update. One of those brokers was UBS, which retained its neutral rating but cut its price target to $12.40. It fears that rising labour costs will offset improving trading conditions.
Block Inc (ASX: SQ2)
The Block share price was out of form again and sank 8.3% last week. This was despite the payments company's shares rebounding strongly on Friday. Block's shares came under pressure amid continued weakness in the tech sector. This saw the S&P ASX All Technology index lose 2.5% of its value last week.
