A strong end to the week led to the S&P/ASX 200 index finishing it with a small 3.8 point or 0.1% gain to 6700.3 points.
A number of shares on the index performed notably better over the period. Here's why these shares were the best performers on the benchmark index last week:
The Western Areas Ltd (ASX: WSA) share price was the best-performer on the index last week with a gain of 20.2%. Investors were buying the nickel producer's shares after it delivered a solid fourth quarter update. Western Areas reported mine production of 5,423 nickel tonnes for the fourth quarter and 23,208 nickel tonnes for FY 2019. It also achieved its highest quarter of nickel sales, bringing full year sales to 21,483 nickel tonnes. Also giving its shares a boost on Friday was news that it has signed a new offtake agreement with Japan's Sumitomo Metal Mining.
The Elders Ltd (ASX: ELD) share price wasn't far behind with a gain of 19.9% last week. The agribusiness company's shares charged higher after it successfully raised $100 million from institutional investors to fund the acquisition of Australian Independent Rural Retailers (AIRR). AIRR is a member-based buying and marketing company for independent rural merchandise and pet and produce stores. Management expects the acquisition to be highly accretive to earnings post synergies.
The Austal Limited (ASX: ASB) share price raced 17.3% higher over the period. The catalyst for this gain was the shipbuilder releasing its full year guidance and FY 2020 guidance. This year the company expects to deliver earnings before interest and tax (EBIT) of $92 million. Whereas next year Austal expects its strong form to continue and advised that it has forecast EBIT rising 14% to $105 million. This is largely down to an improvement from its Australasia shipyards.
The Northern Star Resources Ltd (ASX: NST) share price charged 16.1% higher last week thanks to a strong rise in the gold price. The price of the precious metal hit a two-week high on Friday after U.S. rate cut bets increased following comments from a member of the Federal Reserve. In addition to this, earlier in the week hedge fund kingpin Ray Dalio suggested that gold could be a good place to invest due to dovish central banks.
