Although the S&P/ASX 200 Index (ASX: XJO) had a positive end to the week, it wasn't enough to take it into positive territory. The benchmark index fell 0.2% over the period to end at 7,478 points.
Fortunately, not all shares dropped with the market. Here's why these were the best performing ASX 200 shares last week:
Image source: Getty Images
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price was the best performer on the ASX 200 last week with a 24.3% gain. This was driven by the release of the fund manager's latest funds under management (FUM) update. While Magellan reported another $1.1 billion of net fund outflows for the period between 11 March and 31 March, this was a big improvement on recent trends. And thanks to favourable market movements, Magellan's total FUM actually increased by $0.9 billion despite these outflows.
Pendal Group Ltd (ASX: PDL)
The Pendal share price wasn't too far behind with a 17.6% gain. The catalyst for this was news that rival Perpetual Limited (ASX: PPT) has made a takeover offer. According to the release, Perpetual put forward a $6.23 per share scrip and cash takeover proposal to acquire the fund manager. This valued Pendal at approximately $2.4 billion.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was on form and charged 12.3% higher. This followed news that the mining and mining services company will increase its lithium production in response to "unprecedented demand." This went down well with analysts at Bell Potter, which responded by retaining their buy rating and lifting their price target on the company's shares by 21% to $74.35.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price was a positive performer and raced 12.3% higher. Paladin and other uranium shares were charging higher on Friday after uranium prices hit a decade high. This was driven by sanctions on Russia and news that the UK is planning to build up to eight nuclear reactors.
