A disappointing finish to the week led to the S&P/ASX 200 Index (ASX: XJO) recording a very small weekly decline. The benchmark index fell 2.9 points to end at 7,403.7 points.
Thankfully not all shares fell with the market. In fact, some even managed to record strong gains. Here’s why these were the best performers on the ASX 200 last week:
Altium Limited (ASX: ALU)
The Altium share price was the best performer on the ASX 200 last week with a 14.4% gain. This was despite there being no news out of the electronic design software company. However, this appears to have been driven by the company’s shares playing catch up after underperforming year to date. For example, even after this strong gain the Altium share price is only up 5% in 2021.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price was the next best performer with a gain of 11.7% over the five days. Investors were buying the lithium miner’s shares after it released the results of its second lithium spodumene concentrate digital auction. According to the update, Pilbara Minerals received a bid of US$2,240/dmt for 8,000 dmt of its spodumene concentrate. This was almost double what it received at its inaugural auction last month. This is being seen as a sign that demand is strong and the positive price momentum in the lithium market will continue.
G8 Education Ltd (ASX: GEM)
The G8 Education share price wasn’t far behind with a 10% gain last week. This was despite the childcare centre operator’s shares being kicked out of the ASX 200 a week earlier. Some of this gain could have been driven by buying from alternative asset investment company, Tanarra Capital. At the end of the week, a notice revealed that Tanarra Capital has become a substantial holder. The asset manager has been building its position since the end of July and has now amassed a 6.2% stake.
Woodside Petroleum Limited (ASX: WPL)
The Woodside Petroleum share price was on form and recorded a 9.6% gain over the five days. Investors were buying the energy company’s shares after oil prices pushed higher. Both Brent and WTI crude oil prices rose after US energy producers took longer to restart following Hurricane Ida. This was boosted further by a greater than expected drawdown of US stockpiles.