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.
5 stocks under $5
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*Extreme Opportunities returns as of June 5th 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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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