Despite a small blip late on in the week, the S&P/ASX 200 Index (ASX: XJO) managed to record its third consecutive weekly gain. The benchmark index rose 1.2% over the period to end it at 7,493.8 points.
While a good number of shares climbed with the market, some rose more than most. Here’s why these were the best performers on the ASX 200 last week:
Novonix Ltd (ASX: NVX)
The Novonix share price was the best performer on the ASX 200 last week with a 16.1% gain over the five days. This was despite there being no news out of the battery materials and technology company. Though, with its shares still down 40% year to date even after this gain, some investors may believe they have been oversold.
AVZ Minerals Ltd (ASX: AVZ)
The AVZ share price wasn’t far behind with a gain of 14% last week. This appears to have been driven partly by rising lithium prices. At the end of the week, Allkem Ltd (ASX: AKE) revealed that it expects lithium carbonate pricing of approximately US$35,000 per tonne FOB for the June quarter. This is up from US$27,236 per tonne during the March quarter and is more than triple the US$11,095 per tonne it received during the first half.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was a strong performer and charged 12.1% higher over the period. As the mining and mining services company has exposure to both iron ore and lithium, strong pricing for both appears to have given its shares a boost. In addition, there was a positive update relating to the Lockyer Deep-1 well, which led to Macquarie retaining its outperform rating and lofty $77.00 price target on the company’s shares.
Life360 Inc (ASX: 360)
The Life360 share price was on form and charged 10% higher last week. This follows a rebound in the tech sector which was strongest among loss-making shares that were hit hardest following the selloff earlier this year. The Life360 share price remains down 40% in 2022 despite this strong gain.