The S&P/ASX 200 Index (ASX: XJO) was on form last week and recorded a solid gain. The benchmark index rose 55 points or 0.8% to end the week at 7,080.8 points.
While a number of shares climbed higher with the market, some climbed more than most. Here’s why these were the best performers on the ASX 200 last week:
Resolute Mining Limited (ASX: RSG)
The Resolute share price was the best performer on the ASX 200 last week with a gain of 10.3%. This appears to have been driven by a solid rise in the gold price and the release of a broker note out of Macquarie at the very end of the previous week. In respect to the latter, the broker upgraded Resolute’s shares to an outperform rating with a 60 cents price target. The Resolute share price ended the week at 54 cents.
Iluka Resources Limited (ASX: ILU)
The Iluka share price wasn’t far behind with a gain of 10% over the five days. Investors have been buying this mineral sands company’s shares since the release of its quarterly update late last month. In fact, the Iluka share price is now up 15% since its release. That update revealed strong sales growth during the first quarter. Iluka reported a 48.4% increase in sales over the prior corresponding period to $344.5 million.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price was a positive performer and rose 8.6% last week. This appears to have been driven by the aforementioned rise in the gold price over the period. It wasn’t just Resolute and Silver Lake that were rising. The S&P/ASX All Ordinaries Gold Index rose a solid 3.5% over the five days.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price was on form and charged 7.8% higher over the period. Investors were buying the insurance giant’s shares following its annual general meeting. At the event, the company revealed a number of positive metrics that went down well with analysts. This led to Citi retaining its buy rating and lifting its price target to $12.00. The QBE share price ended the week at $10.63.