Last week the S&P/ASX 200 Index (ASX: XJO) recorded its third successive weekly gain. The benchmark index climbed 0.8% to end the period at 7,238.8 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:
Beach Energy Ltd (ASX: BPT)
The Beach share price was the best performer on the ASX 200 last week with an 11% gain. Investors were buying Beach and other energy shares after oil prices charged higher. This was driven by the European Union slapping a partial ban on Russian oil imports and news that China is easing its COVID-19 restrictions.
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price wasn’t far behind with a gain of 10.2% over the period. This was driven by news that Bubs Australia Ltd (ASX: BUB) has signed a deal with the Biden Administration in the United States for the supply of 1.5 million tins of infant formula. This was in response to infant formula shortages due to the temporary closure of a major manufacturing plant. Investors appear optimistic that A2 Milk may also be able to benefit from these shortages.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price was on form and charged 9.6% higher over the last week. Investors were buying Fortescue and other iron ore mining shares after the price of the steel-making ingredient jumped again. For example, on Friday, the benchmark 62% fines iron ore price rose by US$6.86 or 5.1% to US$142.20 a tonne.
South32 Ltd (ASX: S32)
The South32 share price was a positive performer and rose 7.9% over the five days. Last week, this mining giant announced that it has finalised the purchase of an extra 16.6% stake in Mozal Aluminium. This increases its overall stake to 63.7% and means that the company’s equity share of aluminium production is now expected to be 281kt for FY 2022 and 370kt for FY 2023. In other news, analysts at Macquarie retained their outperform rating and $6.90 price target on its shares.