The S&P/ASX 200 Index (ASX: XJO) was on form last week and recorded a 0.25% gain to finish at 5404.8 points.
While a number of shares pushed higher, some climbed more than most. Here’s why these were the best performing ASX 200 shares last week:
The Pilbara Minerals Ltd (ASX: PLS) share price was the best performer on the index last week with a 19.9% gain. This was despite there being no news out of the lithium miner. Some investors may believe its shares have bottomed after falling extremely heavily over the last 12 months. Even after this strong gain, Pilbara Minerals’ shares are down 70% over the period. One broker that isn’t convinced that now is the time to buy is Macquarie. Earlier this month it slapped an underperform rating and 10 cents price target on its shares.
The Southern Cross Media Group Ltd (ASX: SXL) share price wasn’t far behind with an 18.5% gain. This gain appears to have been driven by another broker note out of Macquarie. Its analysts have reinstated coverage on the media company’s shares with an outperform rating and 18 cents price target. It notes that its balance sheet has been strengthened by its capital raising and believes it is well-placed to benefit when ad markets recover.
The Resolute Mining Limited (ASX: RSG) share price was a strong performer and climbed 14.2% last week. Investors were buying Resolute’s shares last week after the gold price surged higher. The precious metal jumped to a three-week high due to stimulus hopes and concerns that a trade war could be brewing between the U.S. and China. A number of other gold miners were close behind including Saracen Mineral Holdings Limited (ASX: SAR) and St Barbara Ltd (ASX: SBM).
The Graincorp Ltd (ASX: GNC) share price was the next best (non-gold miner) performer with a 9.2% gain. This followed the release of a better than expected half year result from the grain exporter. For the six months ended March 31, Graincorp delivered an underlying net profit after tax of $55 million. This was a massive improvement from its $48 million net loss after tax in the prior corresponding period.
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Returns as of 6th October 2020
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.