The S&P/ASX 200 Index (ASX: XJO) was out of form last week and tumbled lower. The benchmark index lost 0.8% of its value and ended the period at 7,393.9 points.
Fortunately, not all ASX 200 shares tumbled with the market. Here’s why these were the best performers on the index last week:
AGL Energy Limited (ASX: AGL)
The AGL Energy share price was the best performer on the ASX 200 last week with a sizeable 19% gain. Investors were buying the energy company’s shares after they were upgraded by analysts at Credit Suisse. According to the note, the broker has upgraded AGL shares to an outperform with a lofty price target of $8.50. The AGL share price ended the week at $7.47.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price was on form and raced 13.4% higher over the five days. This appears to have been driven by a strong week for nickel prices. The battery making ingredient was given a boost last week when it was revealed that Tesla is looking to secure future supplies of the battery metal.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price wasn’t far behind with an 11.1% gain. This was despite there being no news out of the iron ore and lithium miner. However, with iron ore prices rising and lithium shares thriving, Mineral Resources appears to have caught the eye of investors. Its shares are still trading well short of where Macquarie believes they should be trading. It has an outperform rating and $79.00 price target.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price was a strong performer and rose 10.5% over the five days. This was driven by the release of a first half sales update from the medical device company. According to the release, PolyNovo had a strong second quarter and expects to report first half group sales growth of 45% to A$16.28 million (excluding Barda revenue). A strong performance in the US underpinned this growth.