Last week the S&P/ASX 200 Index (ASX: XJO) was on form again and stormed 1.7% higher to end the period at 5,497 points.
While a good number of shares pushed higher last week, some climbed more than most.
Here’s why these were the best performing ASX 200 shares over the period:
The NRW Holdings Limited (ASX: NWH) share price was the best performer on the index last week with a 31.3% gain. Investors were buying the infrastructure contractor’s shares following the least of a trading update. That update revealed that NRW delivered unaudited revenue of $1.6 billion for the 10 months to April 30. This represents record revenue for the company compared to any previous full financial year. NRW’s earnings before interest, tax, depreciation, and amortisation came in at $177 million for the 10 months.
The Nearmap Ltd (ASX: NEA) share price was on form last week and jumped 22% higher despite there being no news out of it. This gain means the aerial imagery technology and location data company’s shares are now up a massive 53.5% since this time last month. Investors may believe that Nearmap’s shares had fallen too hard this year.
The Lynas Corporation Ltd (ASX: LYC) share price wasn’t far behind with a 21.8% gain. This looks to have been driven by a positive broker note out of Canaccord Genuity. It initiated coverage on the rare earths miner with a buy rating and a target price of $3.80. The broker believes that rare earth demand could recover in a post-COVID-19 world. It suspects this could lead to a shortage of the materials by 2023, placing upward pressure on prices.
The Orocobre Limited (ASX: ORE) share price was a strong performer last week with a 21.7% gain. This was despite there being no news out of the lithium miner. Last week the price of the battery making ingredient stabilised after heavy declines a week earlier. And with economies around the world now reopening, investors may believe that the worst is over for Orocobre and its peers.
These 3 stocks could be the next big movers in 2020
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. 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.