The S&P/ASX 200 index wasn’t able to recover from a New Year’s Eve sell off and recorded a disappointing decline last week. The benchmark index fell a sizeable 88.2 points or 1.3% to end the period at 6733.5 points.
Four shares that didn’t let that hold them back are listed below. Here’s why they were the best performers on the ASX 200 last week:
The Pilbara Minerals Ltd (ASX: PLS) share price was the best performer on the ASX 200 index last week with a gain of 17%. Also climbing higher was industry peer Orocobre Limited (ASX: ORE) with an 8.5% gain. Investors may have been buying the lithium miners following news that a Chilean court blocked plans by industry giant SQM to expand one of its operations.
The Gold Road Resources Ltd (ASX: GOR) share price was on form last week with a gain of 9.2%. Gold Road Resources was one of a number of gold miners charging higher after the spot gold price raced to a four-month high. Other miners recording solid gains were Saracen Mineral Holdings Limited (ASX: SAR), Northern Star Resources Ltd (ASX: NST), Silver Lake Resources Limited (ASX: SLR), and Resolute Mining Limited (ASX: RSG). This led to the S&P/ASX All Ords Gold index rising 3.1% last week.
The Nufarm Limited (ASX: NUF) share price was some distance behind with a weekly gain of 2.7%. This was despite there being no news out of the crop protection and specialist seeds company last week. However, a notice does reveal that Schroder Investment Management Australia has been buying shares recently. It became a substantial holder on December 27 with an interest of 5.01%. Schroder has a focus on investing in quality shares predominantly characterised by strong returns on capital with a sustainable competitive advantage.
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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.
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