The All Ordinaries index was well and truly out of form during the last financial year. During the 12 months, the index lost approximately 11% of its value.
Among the many movers and shakers two ASX shares stand out for very different reasons. One saw its shares smash the market with mouth-watering returns, whereas the other crashed lower and destroyed shareholder wealth.
They are as follows:
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AVZ Minerals Ltd (ASX: AVZ)
The AVZ share price was the best performer on the All Ordinaries index during the 2022 financial year after rising from 16 cents to 78 cents. This represents a 388% gain and would have turned $10,000 investment into $48,750.
Booming lithium prices and excitement over the company's massive Manono Lithium and Tin project in the Democratic Republic of the Congo were behind this gain. Though, it is worth noting that an ownership dispute relating to the project has led to the company's shares being suspended from trade since early May.
Shareholders will no doubt be hoping that the ongoing arbitration proceedings don't deliver a negative outcome and wipe out some of these impressive gains.
Sezzle Inc (ASX: SZL)
The Sezzle share price was the worst performer on the All Ordinaries index during the financial year after crashing from $8.81 down to a lowly 26 cents. This equates to a massive 97% decline and would have reduced a $10,000 investment into just $295.
Concerns over increasing competition in the buy now pay later (BNPL) industry, weakness in the tech sector, and the market's sudden disdain for loss-making shares are largely to blame for this decline.
Not even a potential merger with Zip Co Ltd (ASX: ZIP) was able to support its shares. Interestingly, the Zip share price lost 95% of its value during the same period, dropping from $7.57 to 44 cents.
