Last week was a disappointing one for Australian investors. But it could have been so much worse had the market not rebounded slightly at the end of it.
The S&P/ASX 200 index ended the week 2.7% lower than where it started it at 6584.4 points.
Thankfully, not all shares sank with the market. These were the best performers on the benchmark index last week:
The Pinnacle Investment Management Group Ltd (ASX: PNI) share price was the best performer on the ASX 200 last week with a gain of 15.6%. The catalyst for this was the release of the investment company’s full year results. In FY 2019 Pinnacle reported net profit after tax from continuing operations of $30.5 million. This was up a solid 32% from the $23.1 million recorded in FY 2018.
The Western Areas Ltd (ASX: WSA) share price raced 13.5% higher last week. The driver of this strong gain was a sudden rise in the nickel price last week. At one stage the battery making ingredient stormed 13% higher to reach its highest level in over a year. Speculation that Indonesia may tighten its policy on nickel exports appears to have sparked the surge.
The James Hardie Industries plc (ASX: JHX) share price wasn’t too far behind with a 9.6% gain. All of this came on Friday when the building materials company announced a better than expected first quarter result. James Hardie posted a 13% jump in NOPAT to US$90.2 million and a 16% lift in adjusted earnings before interest and tax to US$124.4 million.
The Lynas Corporation Ltd (ASX: LYC) share price climbed 9.3% last week. Investors were buying the company’s shares after Reuters reported that the rare earths miner will have its operating license extended by the Malaysian government. However, the company played down the report, saying: “Lynas confirms that shareholders should not rely on media speculation. The Company will continue to update the market as there are developments.” But this didn’t stop investors from scrambling to buy shares.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.