These were the best performing ASX 200 shares last week

These ASX 200 shares were on form last week…

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Last week was only a short one for the S&P/ASX 200 Index (ASX: XJO), but it was a positive one. The benchmark index rose 0.3% over the period to end at 7,444.6 points.

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

Perenti Global Ltd (ASX: PRN)

The Perenti share price was the best performer on the ASX 200 last week with a gain of 12%. This could have been a delayed reaction to an announcement a week earlier. That announcement revealed that Perenti and Tshukudu Metals Botswana have finalised the contract for the provision of open pit mining services at the Sandfire Resources (ASX: SFR) Motheo Copper Project in Botswana. The finalised contract is valued at US$493 million (100% basis) over an initial term of seven years and three months.

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price wasn’t far behind with a gain of 10% over the three days. Investors were scrambling to buy the diversified food company’s shares amid news that Andrew Forrest’s Tattarang AgriFood Investments business has accumulated a 6.61% stake. Tattarang was buying shares between 10 November and 29 December.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price was on form again and charged 9.2% higher last week. This appears to have been driven by optimism that lithium prices will stay higher for longer. Before Christmas, analysts at Macquarie suggested lithium prices could remain at record levels for four years. In response, the broker retained its outperform rating and lifted its price target on the company’s shares to $3.70. Incidentally, the Pilbara Minerals share price ended up being the best performer on the ASX 200 over the 12 months with a stunning 270% gain.

Omni Bridgeway Ltd (ASX: OBL)

The Omni Bridgeway share price was a solid performer and rose 6% during the period. This was despite there being no news out of the class action funder. However, it is worth noting that there has been a sharp reduction in the number of shares held by short sellers recently. This could mean that they have been buying back shares to close positions.

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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. has no position in any of the stocks mentioned. 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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