The S&P/ASX 200 Index (ASX: XJO) overcame a poor finish to carve out a small gain last week. The benchmark index rose 0.1% to end the period at 7,221.7 points.
A number of shares outperformed the ASX 200 last week, with some recording particularly strong gains. Here's why these were the best performers on the index last week:
Sims Ltd (ASX: SGM)
The Sims share price was the joint best performer on the ASX 200 last week with a massive 21.5% gain. Investors were buying the scrap metal company's shares following the release of a very strong half year result. Sims reported a 74% increase in revenue to $4,265 million and a 541% jump in underlying EBIT to $361.7 million. Management advised that this was driven by "higher sales volumes and higher material prices, combined with disciplined margin management."
NRW Holdings Limited (ASX: NWH)
The NRW share price was the other joint best performer last week with a gain of 21.5%. The mining contractor's shares surged higher following the release of its half year results. For the six months ended 31 December, NRW delivered a 26% increase in operating earnings to $74.6 million. In light of this strong form, management has updated and narrowed its full year guidance towards the top end of its previous range.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price wasn't too far behind with a gain of 19.8% over the five days. Almost all of this gain was made on Friday following the release of the fund manager's half year results. That release revealed that Magellan delivered first half profit growth of 16% to $248.1 million. In addition, the struggling fund manager revealed a 1 for 8 bonus issue of options to shareholders and is considering a share buyback.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price was on form and stormed 16.5% higher last week. Investors were buying the gold miner's shares following a solid rise in the price of the precious metal. Traders were bidding gold higher amid increased demand for safe haven assets amid rising tensions between Russian and the Ukraine.
