Last week the S&P/ASX 200 Index was back on form and recorded an impressive 1.3% gain to 6739.2 points.
Whilst most of the shares on the index pushed higher, some climbed more than most.
Here’s why these ASX shares were the best performers on the ASX 200 index last week:
The Gold Road Resources Ltd (ASX: GOR) share price was the best performer on the index last week with a gain of 14.6%. As well as benefiting from a rise in the gold price, investors were buying the gold miner’s shares following the release of its quarterly update. That update revealed that the Gruyere ramp‐up is progressing well and commercial production was attained at the end of September. In light of this, it reaffirmed its production guidance for the upper end of 75,000 to 100,000 ounces. The Saracen Mineral Holdings Limited (ASX: SAR) share price was another gold miner rising strongly. It recorded a 10.3% gain.
The Western Areas Ltd (ASX: WSA) share price was on form last week with a gain of 12.6%. The catalyst for this strong gain was the nickel producer’s first quarter update. According to the release, Western Areas delivered another consistent performance in line with its production and cost guidance. Combined with a sharp rise in nickel prices, this led to Western Areas reporting strong operational cashflow.
The JB Hi-Fi Limited (ASX: JBH) share price wasn’t far behind with a solid 10% gain last week. Investors were fighting to get hold of the retailer’s shares after it released a sales update at its annual general meeting. Despite tough trading conditions in the retail sector, JB Hi-Fi has generated solid sales growth in FY 2020. Another positive was that management reiterated its full year guidance. This wouldn’t have gone down well with short sellers, which no doubt led to many closing their positions in a hurry.
The CYBG PLC (ASX: CYB) share price was on form again last week with a gain of 9.8%. This strong gain appears to have been driven by recent positive developments in relation to Brexit. In addition to this, its shares had fallen heavily this year. Some investors may believe they were oversold and are trading at an attractive level.
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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.