The S&P/ASX 200 Index (ASX: XJO) was out of form last week amid concerns over a spike in coronavirus cases.
And although the benchmark index charged 1.5% higher on Friday, it wasn't enough to take the ASX 200 into positive territory. The index finished the week 0.7% lower than where it started it at 5904.1 points.
Not all shares tumbled lower with the market. Here's why these were the best performers on the ASX 200 last week:
The Western Areas Ltd (ASX: WSA) share price was the best performer on the index last week by some distance with a 22% gain. Investors were buying the nickel producer's shares after it revealed very positive drilling results from its Sahara prospect within the Western Gawler project in South Australia. In addition to this, its shares were given a boost by a bullish broker note out of Ord Minnett. It upgraded its shares to a buy rating with an improved price target of $3.30.
The Saracen Mineral Holdings Limited (ASX: SAR) share price was the next best performer with a 13.6% gain. Investors were buying Saracen and other gold miners last week after the price of the precious metal jumped to its highest level since 2012. Also climbing higher for the same reason was the Perseus Mining Limited (ASX: PRU) share price with a 9.9% gain.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price was on form last week and recorded a 10.2% gain. Investors appear to have been buying the medical device company's shares on the belief that it will deliver a strong full year result next week. In addition to this, a potential second wave of coronavirus could lead to increasing demand for its ventilators. It was partly for the latter that analysts at Macquarie upgraded its shares to an outperform rating last week.
The Sandfire Resources Ltd (ASX: SFR) share price wasn't far behind with a 9.8% gain. This appears to have been driven by a broker note out of UBS last week. Its analysts upgraded the copper miner's shares to a buy rating with a $6.00 price target. It made the move after a sharp pullback in its share price and improvements in the copper price.
