Despite a disappointing end to the week, the S&P/ASX 200 Index (ASX: XJO) managed to record its seventh successive weekly gain last week. The benchmark index rose 0.5% to 6,675.5 points.
While a good number of shares climbed higher last week, some rose more than most.
Here’s why these were the best performers on the ASX 200 over the period:
EML Payments Ltd (ASX: EML)
The EML Payments share price was the best performer on the ASX 200 last week with a 13% gain. This was despite there being no news out of the payments company. However, a change of interests of substantial holder notice last week revealed that First Sentier Investors has been increasing its stake in the company. According to the notice, the fund manager has lifted its holding by almost 4 million shares to the equivalent of a 6.07% stake.
Perseus Mining Limited (ASX: PRU)
The Perseus share price wasn’t far behind with a 12.5% gain over the five days. Investors were buying Perseus and other gold miners after the spot gold price rebounded. This was driven by a weaker US dollar and optimism that major COVID stimulus is coming in the United States. For the same reason, the Resolute Mining Limited (ASX: RSG) share price rose 12.2% last week.
Megaport Ltd (ASX: MP1)
The Megaport share price was on form and jumped 11.5% last week. Once again, this was despite there being no news out of the software-based elastic connectivity provider. However, as of the end of the previous week, the Megaport share price was down 24% from its 52-week high. This may have led to bargain hunters swooping in on the belief they had been oversold.
Afterpay Ltd (ASX: APT)
The Afterpay share price was a strong performer and rose 10.2% over the five days. The catalyst for this was news that the buy now pay later provider will be added to both the ASX 20 and ASX 50 indices at the December rebalance. This meant that fund managers with strict investment mandates could now invest and index-tracking funds had to buy shares. Afterpay is replacing insurance giant Insurance Australia Group Ltd (ASX: IAG) in the exclusive ASX 20 index.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends EML Payments and MEGAPORT FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended EML Payments and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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