The S&P/ASX 200 Index (ASX: XJO) was on form again last week. The benchmark index rose 34.6 points or 0.5% over the five days to end the week at 7,522.9 points.
While a good number of shares pushed higher with the market, some climbed more than most. Here's why these were the best performing ASX 200 shares last week:
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Alumina Limited (ASX: AWC)
The Alumina share price was the strongest performer on the ASX 200 last week with a gain of 19.1%. This appears to have been driven by news that New Day Aluminum curtailed alumina production at its facility in the United States due to Hurricane Ida. Any supply disruptions are likely to support prices, which had already been improving in recent weeks prior to the hurricane.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price wasn't far behind with a gain of 18.3% over the five days. Investors were buying the coal miner's shares for a couple of reasons. One was an increase in coal prices last week, the other was a bullish broker note out of Ord Minnett. In respect to the latter, on Thursday the broker retained its buy rating and lifted its price target to $4.00. This is materially higher than the current Whitehaven Coal share price of $2.84.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price was among the best performers on the ASX 200 for a second week in a row with a gain of 17.3%. Investors have been buying the biopharmaceutical company's shares since a leading broker responded positively to its full year results. In FY 2021, Clinuvel reported a 43% increase in revenue to $48.5 million and a 63.5% jump in net profit after tax to $24.7 million. This led to Jefferies upgrading the company's shares to a buy rating with a $36.80 price target. The Clinuvel share price has now breached this and hit a record high of $40.96 on Friday.
South32 Ltd (ASX: S32)
The South32 share price was on form and stormed 13.1% higher last week. Investors were fighting to get hold of the mining giant's shares last week after aluminium prices hit their highest levels in 10 years. This was driven by concerns over shortages in China, which is the largest producer of aluminium in the world. Aluminium prices hit a high of US$2,727 a tonne on the London Metal Exchange on Tuesday according to the Financial Times.
