It was a mildly positive week for the S&P/ASX 200 Index (ASX: XJO) last week. After a number of ups and downs, the benchmark index recorded a 0.1% gain to end it at 5,864.5 points.
A number of shares climbed more than most last week. Here’s why these were the best performers on the ASX 200 over the period:
Perseus Mining Limited (ASX: PRU)
The Perseus share price was the best performer on the ASX 200 last week with a sizeable 14.2% gain. This appears to have been triggered by a broker note out of Credit Suisse. Its analysts upgraded Perseus’ shares to an outperform rating with an improved price target of $1.60 after lifting their gold price forecasts to US$2,500 an ounce in 2021. This appears to have rubbed off on other gold miners, leading to the top four performers coming from the sector. Northern Star Resources Ltd (ASX: NST), Silver Lake Resources Limited (ASX: SLR), and Evolution Mining Ltd (ASX: EVN) round out the top four. This strong form led to the S&P/ASX All Ordinaries Gold index climbing a sizeable 7.4% over the five days.
Perenti Global Ltd (ASX: PRN)
The Perenti share price was the next best performer with a gain of 11% last week. Investors were buying the mining services company’s shares after it announced a major contract extension for its hard-rock underground miner business, Barminco. It has signed an 18 month extension at MMG’s Dugald River mine in North Queensland. Management estimates that it is worth $140 million.
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price wasn’t far behind with a 10.5% gain over the five days. Last week the automotive retailer announced plans to spend $105 million to buy eight car yards from property trust Charter Hall Group (ASX: CHC). The capital for the purchases is being provided by Toyota Financial Services ($175 million) and Volkswagen Financial Services ($50 million).
Blackmores Limited (ASX: BKL)
The Blackmores share price was on form and pushed 9.7% higher over the period. This was despite there being no news out of the health supplement company. However, prior to last week, its shares were down more than a third form their 52-week high. Some investors may believe they had been oversold.
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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 Blackmores Limited. 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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