The S&P/ASX 200 index continued its positive run last week and recorded another gain. The benchmark index ended the week 26.4 points or 0.4% higher at 7090.5 points.
Whilst a good number of shares pushed higher over the period, some climbed more than most. Here's why these were the best performing ASX 200 shares last week:
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price was the best performer on the index last week with a 15.5% gain. The medical device company's shares raced higher following an update on its European operations. PolyNovo revealed that it has received its first orders of NovoSorb BTM from PMI for use in Germany, Austria and Switzerland. The first orders for NovoSorb BTM have been shipped to hospitals in preparation for surgery.
Afterpay Ltd (ASX: APT)
The Afterpay share price was on form again last week with an 11.4% gain. This was despite there being no news out of the payments company. However, a week earlier Goldman Sachs tipped Afterpay to deliver an exceptionally strong first half result next month. It also reiterated its conviction buy rating and $42.90 price target on its shares.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake Resources share price wasn't far behind with an 11.3% gain. Investors were buying the gold miner's shares after the release of its December quarterly update. That update revealed record production of 68,519 ounces gold and 691 tonnes copper. This led to Silver Lake upgrading its full year sales guidance and lowering its costs guidance.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price jumped 9.4% last week. The iron ore producer's shares were on the rise last week after the price of the steel making ingredient pushed higher. With the iron ore price at such high levels, Fortescue looks well-positioned to deliver another bumper profit in FY 2020. And given its penchant for returning the majority of its free cash flow to shareholders, this bodes well for its dividends.
