The S&P/ASX 200 index finished a shortened week on a high on Friday. This led to the benchmark index recording the smallest of gains to end it at 6,821.7 points.
A number of shares performed notably stronger than the index. Here’s why these ASX 200 shares were the best performers on the index:
The Gold Road Resources Ltd (ASX: GOR) share price was the best performer on the index last week with a gain of 15.1%. The catalyst for this was a rebound in the gold price to a two-month high amid concerns that a trade deal may not be signed by the U.S. and China. Other gold miners climbing strongly last week include Resolute Mining Limited (ASX: RSG) with a 12.8% gain, Silver Lake Resources Limited (ASX: SLR) with an 11.8% gain, and St Barbara Ltd (ASX: SBM) with a 6.3% gain.
The EML Payments Ltd (ASX: EML) share price jumped 7.1% last week despite there being no news out of the payments company. However, its shares have been on fire this year thanks to a strong performance in FY 2019 and a recent game-changing acquisition. Last week’s gain means that EML Payments’ shares have now more than tripled in value since the start of the year.
The Costa Group Holdings Ltd (ASX: CGC) share price returned to form last week with a gain of 7%. The horticulture company’s shares pushed higher despite the resignation of its chief financial officer on Monday. Given how many times the company has downgraded its guidance in 2019, some investors may be pleased with this change. In addition to this, Perpetual Limited (ASX: PPT) has been topping up its position this month. The fund manager has lifted its stake to 13.04% following the purchase of another 4.8 million shares.
The Bega Cheese Ltd (ASX: BGA) share price climbed 5.8% last week. The catalyst for this gain was a business update by the diversified food company. That update saw the company maintain the forecast it provided in October. Furthermore, it reiterated that although trading conditions are tough, it continues to be well placed to execute its long-term strategy while continuing to focus on the growth of its branded consumer foods business.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia has recommended Emerchants Limited. 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.