It was a reasonably mixed week for the S&P/ASX 200 Index (ASX: XJO) last week. The benchmark index overcame a weak start to end it flat at 6,828.7 points
However, this couldn’t stop some ASX 200 shares from recording strong gains. Here’s why these shares were the best performers on the index last week:
Iluka Resources Limited (ASX: ILU)
The Iluka share price was the best performer on the ASX 200 last week with a 7.5% gain. This appears to have been driven by a broker note out of Ord Minnett. On Monday, the broker upgraded the mineral sands producer’s shares to a buy rating with an $8.10 price target. It made the move to reflect stronger prices and expansion plans at the Eneabba project.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price wasn’t behind and climbed 7.4% over the four days. Last week, analysts at Macquarie looked into the resources sector and upgraded iron ore and other base metal price forecasts notably to reflect strong demand and prices. This led to the broker retaining its outperform rating and putting a $7.00 price target on Champion Iron’s shares.
Boral Limited (ASX: BLD)
The Boral share price was on form and rose 6.7% higher over the week. Investors were buying the building products company’s shares after it announced the completion of the sale of its 50% share in the USG Boral joint venture to Gebr Knauf KG. The two parties agreed a price of US$1.015 billion (A$1.33 billion) for the business. A good portion of this will support a share buyback for up to 10% of its issued capital.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price was a positive performer and climbed 5.8% last week. This was despite there being no news out of the rare earth producer. However, with its shares falling reasonably hard last month, this appears to have been driven by bargain hunters swooping in. The Lynas share price is still down almost 8% since this time last month.