It has been a week to forget for the S&P/ASX 200 Index (ASX: XJO). Due to a selloff on Thursday, the benchmark index dropped 1.5% or 116.3 points over the five days to end the week at 7,406.6 points.
Fortunately, not all shares dropped lower with the market. Here's why these were the best performing ASX 200 shares last week:
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price was the best performer on the ASX 200 last week with a gain of 11.3%. The catalyst for this was a bullish broker note out of Bell Potter. According to the note, the broker has upgraded the company's shares to a buy rating and lifted its price target on them by 28% to $12.50. Bell Potter notes that last month the company announced the progressive cessation of support from October for customers who use its on-premise solution. It believes this will accelerate the rate of customers switching to its software-as-a-service (SaaS) offering.
Alumina Limited (ASX: AWC)
The Alumina share price wasn't far behind with a gain of 9.3%. This appears to have been driven by rising aluminium and bauxite prices following a coup in Guinea. There are concerns that this coup could disrupt the supply chain, which appears to have seen end users scramble to get hold of product this month. Not even Macquarie putting an underperform rating and $1.30 price target on the company's shares could hold them back.
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
The Soul Patts share price was on form and rose 8.1% over the five days. This follows a busy week for the investment house. Over the period, the company released a profit update for FY 2021, confirmed its merger ratio, and was subject of divestment speculation. In respect to the latter, Soul Patts is allegedly advancing plans for an IPO of its wholly-owned copper subsidiary Round Oak Metals.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price was a positive performer and recorded a gain of 6.4% for the week. Last week analysts at Credit Suisse put an outperform rating and $1.40 price target on the nickel producer's shares. This compares to the latest Nickel Mines share price of $1.08. Credit Suisse was pleased with the company signing an agreement with PT Iriana Mutiara Mining for a staged acquisition of the Siduarsi nickel/copper project in Indonesia. Rising nickel prices also supported its shares.
