It certainly was a week to forget for the S&P/ASX 200 Index (ASX: XJO). A major selloff on Friday led to the benchmark index dropping 2.9% over the period to 7,175.8 points.
Fortunately, some shares were able to avoid the selloff and record gains last week. Here's why these were the best performers on the ASX 200:
HUB24 Ltd (ASX: HUB)
The HUB24 share price was the best performer on the ASX 200 last week with a 7.9% gain. Investors were buying the investment platform provider's shares following the release of its second quarter update. According to the release, HUB24 achieved record second quarter platform net inflows of $3.6 billion. This led to an increase in its total funds under administration (FUA) to $68.3 billion, which is up 118% compared to the prior corresponding period. HUB24's strong quarter was driven by a combination of organic growth and flows from the Xplore acquisition.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price wasn't far behind with a 6.6% gain over the five days. Investors were fighting to get hold of gold miners following a rise in the precious metal and demand for safe haven assets. Fellow gold miners Westgold Resources Ltd (ASX: WGX) and Gold Road Resources Ltd (ASX: GOR) recorded similar gains during the week.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price was on form and charged 5.8% over the period. This follows the release of a better than expected trading update from the retail giant. JB Hi-Fi recorded modest sales growth during the second quarter, which led to sales falling just 1.6% during the first half despite cycling a very strong prior period. On the bottom line, its first half net profit of $287.9 million was down 9.4% year on year but 12.4% ahead of the consensus estimate.
Worley Ltd (ASX: WOR)
The Worley share price was the next best non-gold miner with a gain of 3.9%. This was despite there being no news out of engineering company. Though, a recent note out of UBS reveals that its analysts believe the company's shares are great value. They have a buy rating and $13.20 price target on Worley's shares.
