Recession concerns in the United States weighed heavily on investor sentiment last week and led to the S&P/ASX 200 index falling 0.9% to 6396.9 points.
Not all shares dropped lower with the market, though. Four shares that were particularly strong performers last week are listed below. Here's why they were the best performers on the benchmark index:
The Lynas Corporation Ltd (ASX: LYC) share price was the best performer on the ASX 200 last week with an impressive gain of 29%. Investors were fighting to get hold of the rare earths producer's shares for a couple of reasons. One was speculation that China may block rare earths exports to the United States and the other was news that the Malaysian government will allow Lynas to continue operating its plant in the country. This gain means the Lynas share price is now up a massive 92% since the start of the year.
The Eclipx Group Ltd (ASX: ECX) share price wasn't far behind with a gain of 23%. All this gain came on Friday when the fleet management company released its half year results. Although Eclipx reported a sizeable decline in profits, it doesn't appear to have been as bad as many had expected. In addition to this, the company provided an update on its Simplification Plan and revealed that it will now seek to grow organically rather than through acquisitions.
The Vocus Group Ltd (ASX: VOC) share price surged 18% higher last week. The catalyst for this strong gain was the receipt of a takeover approach from a Swedish private equity group. According to the announcement, EQT Infrastructure has made a non-binding, indicative proposal to acquire the telco company for $5.25 cash per share. EQT has been granted non-exclusive due diligence access. Interestingly, AGL Energy Limited (ASX: AGL) revealed that it had been interested in acquiring Vocus as well.
The Syrah Resources Ltd (ASX: SYR) share price was the next best performer with a gain of just under 14% last week. Its shares charged higher despite there being no news out of the graphite miner or notable industry news. However, earlier in the week Credit Suisse released a broker note which revealed that it has retained its outperform rating and lofty $3.30 price target on Syrah's shares.
