Despite a strong finish to the week, the S&P/ASX 200 Index (ASX: XJO) recorded a sizeable decline last week. The benchmark index fell 1.8% over the five days to 7,075.1 points.
Fortunately, not all shares dropped with the market. Here’s why these were the best performers on the ASX 200 last week:
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price was the best performer on the ASX 200 last week with a whopping 44.4% gain. This was driven by countless announcements revealing that the heavily shorted medical device company’s chairman, David Williams, had bought shares on-market. This may have spooked short sellers into buying shares to close their positions.
Lifestyle Communities Limited (ASX: LIC)
The Lifestyle Communities share price was on form and charged 11.2% higher over the period. This was driven by a positive response from brokers to a trading update. That update revealed that the land lease communities company has reaffirmed its forecast to deliver 1,100 to 1,300 new home settlements and 450 to 550 resale settlements attracting a deferred management fee between FY 2022 and FY 2024. Goldman Sachs responded by reiterating its conviction buy rating and $24.65 price target.
TPG Telecom Ltd (ASX: TPG)
The TPG share price was a positive performer and pushed 8.6% higher last week. This followed a positive reaction to news that the telco has signed a binding agreement to sell 100% of its passive mobile tower and rooftop infrastructure. TPG is selling the infrastructure to OMERS Infrastructure Management for $950 million. These funds are expected to be used by TPG to pay down its existing debt.
IPH Ltd (ASX: IPH)
The IPH share price wasn’t far behind with a 7.4% gain. This was despite there being no news out of the intellectual property services company. This latest gain means the IPH share price is now up by a sizeable 22% over the last 12 months despite the market volatility.