The S&P/ASX 200 Index was out of form last week and fell 70.1 points or 1% to end it at 6669.1 points.
Whilst a good number of shares tumbled lower, not all shares were dragged down with it.
Here’s why these shares were the best performers on the benchmark index:
The Pilbara Minerals Ltd (ASX: PLS) share price was the best performer on the index with a gain of 23.2%. Investors were buying the lithium miners last week after protesters from indigenous communities around Chile’s Atacama salt flats blocked access to lithium operations in the country. Lithium giants SQM and Albermarle have operations in the region and are believed to have been targeted. Also rising strongly for the same reason were the shares of Galaxy Resources Limited (ASX: GXY) Orocobre Limited (ASX: ORE). They rose 16.8% and 14.3%, respectively, over the week.
The Silver Lake Resources Limited (ASX: SLR) share price was a strong performer last week with a gain of 15%. The catalyst for this gain was the release of a strong first quarter update. During the quarter Silver Lake produced 61,929 ounces of gold equivalent at an all-in sustaining cost of A$1,260 per ounce. Furthermore, it sold 56,683 ounces of gold and 613 tonnes of copper during the quarter for an average price of A$1,995 per ounce. This puts Silver Lake on track to hit the high end of its sales guidance in FY 2020.
The Iress Ltd (ASX: IRE) share price wasn’t far behind with a gain of 11.6%. Investors were buying the fintech company’s shares after it announced a new contract win. Iress has signed a deal with Emergency Services and State Super to provide a full back-office service. One broker that responded positively to this news was Morgans. It retained its add rating and lifted its price target to $15.33.
The oOh!Media Ltd (ASX: OML) share price returned to form with a 10% gain last week. Investors were buying the media and advertising company’s shares despite there being no news out of it. I suspect that bargain hunters were swopping in after a sharp decline over the last 12 months. Even after last week’s solid gain, the oOh!Media share price is down a disappointing 42% over the last 12 months.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended IRESS Limited and oOh!Media Ltd. 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.