The S&P/ASX 200 index was out of form last week amid rising trade war tensions. This led to the benchmark index falling a disappointing 2% to 6,707 points.
Not all shares sank lower with the market, though. Here’s why these were the best performers on the ASX 200 index:
The oOh!Media Ltd (ASX: OML) share price was the best performer on the index with a gain of 21.1%. Investors were buying the outdoor advertising and media company’s shares after it upgraded its FY 2019 earnings guidance. oOh!Media revealed that it expects FY 2019 EBITDA in the range of $138 million to $143 million. This compares to its previous guidance of $125 million to $135 million. Improved bookings during September and the fourth quarter were behind the upgrade.
The Silver Lake Resources Limited (ASX: SLR) share price was some distance behind as the next best performer with an 8.1% gain. With no news out of the gold miner, this gain appears to have been driven by a jump in the gold price following the midweek market meltdown. Also rising for the same reason was the Resolute Mining Limited (ASX: RSG) share price, which gained 4.8% over the week.
The Gold Road Resources Ltd (ASX: GOR) share price was on form last week with a 4.9% gain. As well as getting a boost from a rise in the gold price, an update on its Gilmour and Renegade assets also lifted its shares. The gold miner released its maiden mineral resource update for the assets, revealing an estimate of 297,600 ounces.
The Beach Energy Ltd (ASX: BPT) share price recorded a 3.75% gain during the week. All of this gain came on Friday after the energy producer revealed some insider buying. According to a change of director’s interests notice, the company’s independent non-executive chairman, Glenn Davis, picked up 20,000 shares for an average of $2.32 per share on December 4.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended 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.
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