Last week the S&P/ASX 200 Index (ASX: XJO) snapped its winning streak and tumbled notably lower. The benchmark index ended the period with a weekly decline of 4.5% at 5,242.6 points.
Thankfully, not all shares tumbled lower last week. Here's why these were the best performing ASX 200 shares:
The Pinnacle Investment Management Group Ltd (ASX: PNI) share price was the best performer on the index last week with a 12.2% gain. Last week the Flinders Emerging Companies Fund revealed that it had been buying this investment company's shares after a sharp pullback in March. They believe its excellent suite of investment vehicles will support its future growth.
The Regis Resources Limited (ASX: RRL) share price wasn't far behind with a 11.3% gain. This follows a strong rise in the gold price last week amid increasing volatility and hopes of further economic stimulus. Also giving the gold miners a boost was a bullish forecast by Bank of America. Its analysts have suggested that the precious metal could hit a record US$3,000 an ounce over the next 18 months. For the same reason a large number of ASX 200 gold miners including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) were up strongly last week.
The Platinum Asset Management Ltd (ASX: PTM) share price was the next best (non-gold miner) performer with a gain of 3.7% This appears to have been driven by bargain hunters swooping in after a sharp share price decline in 2020. Platinum's shares are still down 33.5% from their 52-week high. This has been caused by the underperformance of its funds and large fund outflows.
The WiseTech Global Ltd (ASX: WTC) share price was on form last week and climbed 3.3% higher. Investors were buying the logistics solutions company's shares after it reaffirmed its guidance for FY 2020. Management advised that it expects to achieve revenue of $420 million to $450 million (growth of 21% to 29%) and EBITDA of $114 million to $132 million (growth of 5% to 22%). It also advised that due to its strong financial position, there are no plans to raise capital or debt.
