The S&P/ASX 200 Index (ASX: XJO) was out of form last week and tumbled lower. The benchmark index dropped 66.1 points or 1.1% to end the period at 5,859.4 points.
While the majority of shares on the index tumbled lower with the market, some managed to push higher. Here's why these were the best performers on the ASX 200 last week:
Nufarm Limited (ASX: NUF)
The Nufarm share price was the best performer on the ASX 200 last week with a 12.9% gain. Investors were buying the agricultural chemicals company's shares after analysts at Morgans upgraded them. According to the note, the broker upgraded Nufarm's shares to an add rating with an improved price target of $4.85. Although it expects a soft FY 2020 result later this month, it suspects that this could be the bottom of the cycle.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The CLINUVEL share price was on form and stormed 7.9% higher last week. The catalyst for this was the biopharmaceutical company announcing that it is looking to expand its SCENSSE product to treat the disease xeroderma pigmentosum. This is a rare genetic disorder where sufferers have the most extreme deficiencies in their DNA repair processes, leading to a 10,000-fold increase in their risk of skin cancer. There is no known cure for disease at present. CLINUVEL's SCENSSE product is currently used to treat rare genetic disorder Erythropoietic Protoporphyria.
Vocus Group Ltd (ASX: VOC)
The Vocus share price was a strong performer and also climbed 7.9% higher over the five days. This is despite there being no news out of the telecommunications company last week or any broker notes that I'm aware of. However, a week earlier Yarra Funds revealed that it has been increasing its stake in the company. Yarra Funds has added approximately 9.2 million shares since early in August, increasing its stake to ~6.7%.
Sims Ltd (ASX: SGM)
The Sims share price wasn't far behind with a gain of 7.8% last week. This appears to have been driven by a broker note out of Macquarie. Its analysts retained their outperform rating and lifted the price target on this scrap metal company's shares to $11.00. The broker notes that strengthening steel demand is underpinning a rebound in scrap prices. It expects this to support volumes and margin improvements.
