The S&P/ASX 200 Index (ASX: XJO) was on form again last week. Over the period, the benchmark index rose a sizeable 1.5% to finish the week at 7,406.2 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:
EML Payments Ltd (ASX: EML)
The EML share price was the best performer on the ASX 200 last week with a 17.5% gain. This appears to have been driven by improving sentiment in the tech sector. In addition, the previous week the payments company announced that it has entered the Employee Benefits Market (EBM) in Europe through a multi-year agreement with Up Spain. The EBM is worth over A$88 billion globally.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price wasn’t far behind with a 14.6% gain over the five days. This was despite there being no news out of the lithium miner. However, a good number of lithium shares surged higher last week. This could have been due to a rotation back to risk assets and optimism that sky high oil prices will accelerate the shift to electric vehicles.
IGO Ltd (ASX: IGO)
The IGO share price was a strong performer and stormed 13.8% higher over the period. The buying pressure was so strong that the battery metals producer’s shares hit a record high at one stage. On Thursday the nickel price continued its wild ride and jumped 15% to hit its limit on the LME.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was on form and climbed 12.3% last week. This latest gain means the coal miner’s shares are now up over 150% since this time last year. While there was no news out of Whitehaven Coal, industry peer New Hope Corporation Limited (ASX: NHC) released its half year results and impressed the market with a 582% increase in underlying EBITDA to $554.4 million.