The S&P/ASX 200 Index (ASX: XJO) was in fine form last week. Over the period, the benchmark index rose a sizeable 3.3% to finish the week at 7,294.4 points.
While a good number of shares climbed higher with the market, some climbed more than most. Here's why these were the best performers on the ASX 200 last week:
ARB Corporation Limited (ASX: ARB)
The ARB share price was the best performer on the ASX 200 last week with a gain of 13.9%. Last week the team at Morgan Stanley retained its overweight rating and $56.00 price target on the 4×4 parts manufacturer's shares. Its analysts believe recent share price weakness has created a buying opportunity for investors.
Elders Ltd (ASX: ELD)
The Elders share price wasn't far behind with a 13.8% gain. Investors were buying the agribusiness company's shares after it released a trading update which revealed that business has been booming during the first half. As a result, management advised that it is expecting its underlying earnings before interest and tax (EBIT) to increase by 20% to 30% in FY 2022.
Polynovo Ltd (ASX: PNV)
The Polynovo share price was a strong performer and recorded a 13% gain last week. This was despite there being no meaningful news out of the medical device company. Though, given how its shares are still down 60% over the last 12 months even after this gain, bargain hunters could have been buying shares last week on the belief they had been oversold.
Hub24 Ltd (ASX: HUB)
The Hub24 share price was on form and rose 12.3% over the five days. Investors were buying this investment platform provider's shares amid a rebound in the tech sector last week. It wasn't just Hub23 rising over the week, the S&P ASX All Technology index rose 6.7% over the period.
