These were the best performing ASX 200 shares last week

These ASX 200 shares had very strong weeks…

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The S&P/ASX 200 Index (ASX: XJO) was on form again last week and rose to a record high. The benchmark index pushed 46.3 points or 0.6% higher to 7,394.4 points.

While a good number of ASX 200 shares pushed higher with the market, some climbed more than most. Here’s why these were the best performers on the index last week:

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price was the best performer on the ASX 200 last week with a 10.2% gain. This was despite there being no news out of the medical device company. However, with its shares sinking a week earlier following a trading update, some investors may have felt they had been oversold. In addition, the healthcare sector was on form last week, which will have given its shares an extra boost.

Iluka Resources Limited (ASX: ILU)

The Iluka share price wasn’t far behind with a 10% gain. Investors were buying the mineral sands company’s shares following the release of its second quarter update. Iluka revealed revenue of $391 million, which was up 75% on the prior corresponding period. A key driver of this was its zircon production, which increased 71% to 71,800 tonnes. Management also noted that zircon sales have strengthened thanks to a return to pre-pandemic production levels among Chinese tile manufacturers.

Nuix Ltd (ASX: NXL)

The Nuix share price was on form and jumped 9.8% over the five days. This was despite there being no news out of the embattled investigative analytics software provider. Though, with its shares down materially this year, bargain hunters may have been swooping in. Especially given the recent exit of its CEO and CFO. This has helped build investor confidence after countless guidance downgrades shattered it. Last month Morgan Stanley put an overweight rating and $6.40 price target on its shares. This compares to the current Nuix share price of $2.81.

CIMIC Group Ltd (ASX: CIM)

The CIMIC share price was a strong performer last week and recorded a gain of 9.4%. This was driven by the release of the engineering company’s half year results. For the six months ended 30 June, group revenue increased 10.6% to $7.1 billion. This was driven by strong performances by its Australian Construction and Services business. On the bottom line, the company reported a net profit after tax of $208 million. This was up slightly from $205.3 million in the prior corresponding period.

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Motley Fool contributor 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 and has recommended POLYNOVO FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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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