The S&P/ASX 200 index was on a rollercoaster last week. After surging to an all-time high on Tuesday, trade war concerns and a not so dovish Federal Reserve sent the benchmark index 0.4% or 24.8 points lower for the week.
Not all shares dropped lower with the index. The four shares listed below were the best-performers on the ASX 200 last week. Here's why:
The Saracen Mineral Holdings Limited (ASX: SAR) share price was the best performer on the benchmark index last week with a gain of 9.2%. The catalyst for this was a rise in the gold price due to trade war concerns. In addition to this, investors responded positively to Saracen announcing a 32% increase in its reserves to 3.3Moz. It expects this to underpin 400,000 ounces of production per annum for at least 7 years with no change to its costs.
The Newcrest Mining Limited (ASX: NCM) share price wasn't far behind with a gain of 8.9%. The gold mining giant's shares were sold off on Thursday following hawkish comments from the Federal Reserve but rebounded very strongly on Friday after President Trump revealed plans to slap 10% tariffs on US$300 billion of Chinese goods.
The Orica Ltd (ASX: ORI) share price also rose 8.9% last week. Investors were buying the commercial explosives company's shares after its investor day event. Investors appear to be pleased to see how the company is leveraging technology to fuel its future growth. Management also held firm with its full year guidance, much to the relief of shareholders that may have been fearing a downgrade.
The IPH Ltd (ASX: IPH) share price was a strong performer last week with a gain of 8.7%. The intellectual property services company's shares rose strongly after providing an update on its Xenith IP Group Ltd (ASX: XIP) acquisition. IPH revealed that the Federal Court of Australia has made orders approving the Scheme of Arrangement under which it will acquire its rival.
