The S&P/ASX 200 Index (ASX: XJO) was out of form last week and tumbled notably lower. The benchmark index fell 0.6% over the five days to end the period at 7,396.5 points.
Fortunately, not all shares on the index dropped with it. Here's why these were the best performing ASX 200 shares last week:
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Crown Resorts Ltd (ASX: CWN)
The Crown share price was the best performer on the ASX 200 last week with an 18% gain. The majority of this gain occurred on Friday when the casino and resorts operator received a takeover approach from Blackstone. The private equity firm has made an unsolicited and non-binding proposal to acquire all of the shares in Crown by way of a scheme of arrangement at a price of $12.50 cash per share. This will be reduced by the value of any dividends or distributions declared or paid by Crown.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price was a strong performer and stormed 11.7% higher over the five days. Investors were buying the nickel producer's shares following the release of an update on its Angel Nickel project. According to the release, the first production from the project is expected in the first quarter of 2022. This is well ahead of the October 2022 contractual delivery date for the commencement of commissioning.
Appen Ltd (ASX: APX)
The Appen share price wasn't far behind with a gain of 11.1% last week. This was despite there being no news out of the artificial intelligence data services company. However, a week earlier, Citi put a buy rating and $17.10 price target on Appen's shares. It was encouraged by the recent update from industry peer Telus. Citi notes that Telus reported a 30% increase in third quarter revenue following a rebound in demand.
Altium Limited (ASX: ALU)
The Altium share price was on form last week and raced 9.6% higher over the period. This was driven by the release of the electronic design software company's annual general meeting update. At the meeting, Altium's CEO, Aram Mirkazemi, revealed that the company is back on form and on track to achieve its guidance in FY 2022. This means revenue growth in the range of 16% to 20% year over year. Mr Mirkazemi also hinted that Altium was more likely to hit the upper end of its guidance range.
