Despite a positive finish to the week, the S&P/ASX 200 index was unable to recover from Monday's selloff and finished with a weekly decline of 14.5 points or 0.2%.
Three shares that didn't let that stop them from recording strong gains are listed below. Here's why they were the best performers on the ASX 200 last week:
The Lynas Corporation Ltd (ASX: LYC) share price was the best performer on the ASX 200 last week with a gain of 29%. The rare earths producer's shares surged higher after conglomerate Wesfarmers Ltd (ASX: WES) announced a takeover proposal. Wesfamers offered $1.5 billion or $2.25 cash per share, which was a premium of 44.7% from the last closing price. The company has since rejected the offer, which led to a slight pullback in the Lynas share price. At this point it is unclear whether Wesfarmers will return with a better offer.
The Pilbara Minerals Ltd (ASX: PLS) share price was the next best performer on the benchmark index last week with a gain of over 11%. A series of positive announcements last week helped drive the lithium miner's share price higher. These announcements include the achievement of commercial production at its Pilgangoora project, a A$50 million equity placement to Ganfeng Lithium, the commencement of its partnering process to interconnect uncommitted Stage 3 offtake, and the potential sale of a minority interest in its project of between 20% to 49%.
The Challenger Ltd (ASX: CGF) share price wasn't far behind with a gain of just under 11%. The catalyst for this strong gain was news that the annuities company had further progressed its strategic relationship with MS&AD Insurance Group Holdings Inc. (MS&AD) to support its strategy for growth in Australia and internationally. In addition to this, MS&AD advised that it planned to increase its stake in Challenger beyond 15% and seek a spot on the company's board. This led to speculation that it could be interested in launching a takeover approach.
