The S&P/ASX 200 Index (ASX: XJO) was on form again last week and continued its winning streak. The benchmark index rose 33 points or 0.5% higher to finish at 6,634.1 points.
While a good number of shares climbed higher with the market, some recorded stronger than average gains. Here's why these were the best performing ASX 200 shares last week:
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Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price was the best performer on the ASX 200 last week with a 28.6% gain. Investors were buying the copper producer's shares after the release of its strategy update. This update went down well with analysts at Morgan Stanley. They retained their overweight rating and $6.60 price target on its shares following its release. The broker was pleased with its T3 progress. In addition to this, a solid rise in the spot copper price gave its shares a boost.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price was on form last week and stormed 15.2% higher. The medical device company's shares have been very strong performers since an announcement last month. That announcement revealed that the United States Food and Drug Administration (FDA) has approved the pivotal trial IDE for NovoSorb BTM. This relates to its treatment of full thickness burns. In addition to this, last week PolyNovo announced that it would bring its Breast device development program in-house effective immediately.
OZ Minerals Limited (ASX: OZL)
The OZ Minerals share price wasn't far behind with an impressive 15% gain last week. Investors were buying the copper producer's shares after the price of the base metal continued its rise. The spot copper price rose over 4.5% during the week, extending its monthly gain to 13%. According to CNBC, Goldman Sachs expects the copper price to keep on climbing. "This current price strength is not an irrational aberration, rather we view it as the first leg of a structural bull market in copper," Goldman said.
Monadelphous Group Limited (ASX: MND)
The Monadelphous share price was a solid performer and charged 13.8% higher over the five days. A rise in commodity prices last week appears to have given this mining services provider's shares a big boost. This could mean demand for its services remains strong in 2021 and underpins solid earnings and dividend growth.
