The S&P/ASX 200 Index (ASX: XJO) was on course to record a solid gain until a sharp pullback on Friday wiped that out and more. The benchmark index fell 0.2% over the five days to end at 6,793.8 points.
Not all shares dropped lower with the market last week. Here's why these were the best performers on the ASX 200:
EML Payments Ltd (ASX: EML)
The EML Payments share price was the best performer on the ASX 200 last week with a 24.2% gain. Investors were buying the payments company's shares following the release of its half year results. EML Payments delivered a 54% increase in group gross debit volume to $10.2 billion and a 61% jump in revenue to $95.3 million. As this growth was driven largely by its lower margin General Purpose Reloadable (GPR) segment, its net profit grew at a slightly lower rate of 30% to $13.2 million. In addition, management reinstated its guidance and is predicting strong full year growth.
Nearmap Ltd (ASX: NEA)
The Nearmap share price wasn't far behind with a 21.3% weekly gain. Much to the dismay of an overseas short seller, investors were fighting to buy the aerial imagery technology and location data company's shares after the release of its half year results. Nearmap reported annual contract value (ACV) of $112.2 million on a reported basis and $116.7 million on a constant currency basis. This represents a 16.1% and 21% increase, respectively, over the prior corresponding period. The company's North American business was the key driver of its growth.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price was on form and charged 15.7% higher over the five days. Investors were buying the rare earths producer's shares amid reports that China was looking to curb the exports of rare earth minerals that are crucial to defence industry. These materials are used to manufacture sophisticated weaponry such as fighter jets. Given its status as the largest rare earths producer outside China, this may bode well for Lynas.
Zip Co Ltd (ASX: Z1P)
The Zip share price was on form again and rose a further 14% during the period. This was despite there being no meaningful news out of the buy now pay later provider. In the middle of the week Zip responded to an ASX price query but stated that it was unaware of the reason its shares were hurtling higher. It also made no mention of speculation that it was looking at a secondary listing in the United States.
