The S&P/ASX 200 index has just had its worst week in a year. Over the period the benchmark index dropped 3% to 6,517.1 points due to concerns over the trade war and weak economic data.
Whilst the majority of shares on the index tumbled lower, some managed to avoid the selloff and climb higher.
Here's why these were the best performers on the S&P/ASX 200 index last week:
The Nufarm Limited (ASX: NUF) share price was the best performer on the benchmark index last week with a gain of 45.5%. Investors were scrambling to buy the agricultural chemicals company's shares following the release of a full year result that was in line with expectations and the announcement of the sale of its South America business for $1.2 billion. The latter will strengthen its balance sheet and allow the company to focus on other areas of the business which generate stronger returns.
The Mayne Pharma Group Ltd (ASX: MYX) share price was on form last week with a gain of 16%. Investors were buying the pharmaceutical company's shares after it announced a 20-year exclusive supply and license agreement with Mithra Pharmaceuticals to commercialise a novel oral contraceptive comprising estetrol and drospirenone in the United States. Management advised that the US contraceptive market is valued at US$5.4 billion, with the short acting combined hormonal contraceptives component estimated at US$4 billion and approximately 135 million units sold annually.
The Jumbo Interactive Ltd (ASX: JIN) share price returned to form and climbed 10.1% last week. Investors appear to have taken advantage of a pull back in the online lottery ticket seller's share price last month caused by profit taking. This latest gain means that Jumbo's shares are now up a massive 274% since the start of the year.
The Northern Star Resources Ltd (ASX: NST) share price was the best performing major gold miner with a gain of 6.5% last week. Demand for safe haven assets increased last week following the market's mini meltdown. This led to the gold price recovering from a period of weakness to surge beyond the symbolic US$1,500 an ounce mark again.
