The S&P/ASX 200 Index (ASX: XJO) was on form again last week thanks partly to strong gains in the consumer discretionary and industrials sectors. The ASX 200 rose 0.8% over the five days to end it at 6,766.8 points.
While a good number of shares climbed higher with the market, some stood out with particularly strong gains. Here’s why these were the best performers on the ASX 200 last week:
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price was the best performer on the ASX 200 last week with a 14% gain. This was despite there being no news out of the corporate travel booker last week. However, with more leisure travelling expected to occur domestically because of government stimulus, some investors may believe this will trickle over into the corporate sector.
Appen Ltd (ASX: APX)
The Appen share price wasn’t far behind with a gain of 13% last week. This strong gain was driven by a rebound in the tech sector and bargain hunters snapping up the artificial intelligence data services company’s shares following a sharp pullback in recent weeks. Despite Appen’s rise last week, its shares are still down by almost 28% since the start of the year.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake Resources share price was on form last week and recorded an 11.3% gain. Investors were buying this gold miner’s shares after the price of the precious metal rebounded following a pullback in bond yields. And given how Silver Lake share price was down heavily year to date, investors appear to have decided that it was a particularly good way to gain exposure to the sector. One broker that would agree is Macquarie. Late last month it put an outperform rating and $2.40 price target on its shares. The Silver Lake share price ended the week at $1.58.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price was a strong performer and charged 11.1% higher over the five days. This was despite there being no news out of the biopharmaceutical company last week. However, given that the company’s key drug, Scenesse, treats erythropoietic protoporphyria (EPP), investors may be hopeful that the rollout of COVID vaccines in the Northern Hemisphere will lead to increased mobility and ultimately stronger demand for the drug. EPP is a condition where sufferers have a hypersensitivity of the skin to sunlight. Demand for Scenesse softened during lockdowns.
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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 Appen Ltd. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. 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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