The S&P/ASX 200 Index (ASX: XJO) climbed to another record high last week. The benchmark index climbed 56.6 points or 0.8% over the four days to 7,368.9 points.
While a good number of shares climbed higher, some recorded stronger gains than others. Here’s why these were the best performing ASX 200 over the period:
Zip Co Ltd (ASX: Z1P)
The Zip share price was the best performer on the ASX 200 last week with a gain of 13.9%. Investors were buying the buy now pay later provider’s shares after rotating out of value stocks and back into growth. It wasn’t just Zip that was climbing last week. The S&P/ASX All Technology Index (ASX: XTX) rose a sizeable 4.4% over the shortened week.
The ResMed share price wasn’t far behind with a gain of 12.5% last week. Investors were buying the sleep treatment focused medical device company’s shares after one of its rivals was hit with a major product recall. On Monday, global technology giant Philips announced that it would be voluntarily recalling 3.5 million ventilation devices for treating sleep apnoea. Philips determined, based on testing, that there were possible risks to users related to the polyester-based polyurethane sound abatement foam component in these devices.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price was a strong performer and recorded a 10.9% gain over the four days. This also appears to have been driven by the shift back into growth stocks by investors. This latest gain means the health imaging company’s shares are now up a sizeable 63% since the start of the year.
HUB24 Ltd (ASX: HUB)
The HUB24 share price was on form and surged 10.7% higher. There may have been a couple of catalysts for the rise in the investment platform provider’s shares last week. One is investors flooding back into the tech sector again. The other is the prospect of rate hikes coming sooner than anticipated. HUB24’s margins have come under pressure from low interest rates.