Last week the S&P/ASX 200 index had its strongest week in months. The benchmark index managed to shake off rising tensions in the Middle East to record a weekly gain of 2.9%.
Whilst the majority of shares on the index pushed higher, some were climbing more than most. Here's why these were the best performing ASX 200 shares last week:
Orocobre Limited (ASX: ORE)
The Orocobre share price was the best performer on the index last week with a massive 20.6% gain. Investors have been buying the lithium miners this month after a rare spot of positive industry news. Earlier this month a Chilean court blocked plans by industry giant SQM to expand one of its major operations. Given how the lithium industry has been struggling with an oversupply of the white metal, this is good news for Orocobre which has seen the prices of its lithium fall materially over the last couple of years. Also rising for the same reason was the Pilbara Minerals Ltd (ASX: PLS) share price. It jumped 9.7% last week.
Vocus Group Ltd (ASX: VOC)
The Vocus Group share price was the next best performer last week with a gain of 10.3%. The majority of this gain came on Friday after the telco company revealed further insider buying. On this occasion it was Vocus' CEO and managing director, David Russell, picking up shares. Mr Russell bought a sizeable 200,000 shares through an on-market trade on January 9 for a total consideration of $594,399.51. This was the second instance of insider buying in as many weeks, which appears to demonstrate that management is confident in the company's prospects.
Independence Group NL (ASX: IGO)
The Independence Group share price wasn't far behind with a gain of 8.4% last week. The catalyst for this strong gain was the release of the nickel producers first half production update. That update revealed that the company's production during the half was well ahead of where it should be to achieve its FY 2020 guidance. Another positive was that management appears confident its strong form can continue in the second half.
CSL Limited (ASX: CSL)
The CSL share price was on form last week with a gain of 7.9%. This strong gain appears to have been driven by a bullish broker note out of Credit Suisse. According to the note, the broker has retained its outperform rating and $305.00 price target on CSL's shares. The broker's data shows that immunoglobulins demand remains strong and it feels CSL is well-positioned to benefit greatly from the high prices and tight market.
