These were the best performing ASX 200 shares last week

These ASX 200 shares were on form last week despite the market selloff…

| More on:
A beautiful woman holds up one finger with one hand and has her hand on her waist with the other as she smiles widely as though she is very pleased about something.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) unfortunately had another week to forget. Over the four days, the benchmark index recorded a 6.6% decline to end the period at 6,474.8 points.

The good news is that 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 15.5% gain. This was the medical device company’s final swansong before being dumped out of the index at the next rebalance on Monday. With no news out of the company, it isn’t clear why its shares stormed higher. Though, as one of the most shorted shares on the ASX, it is possible that some short sellers were buying back shares to close positions.

EML Payments Ltd (ASX: EML)

The EML Payments share price was the next best performer with a gain of 9%. All of this gain was made on the final day of the week after a sudden and sharp rise on no news. However, a number of payments and BNPL companies saw their shares race higher on Friday. This could have been driven by bargain hunters swooping in after sizeable declines in recent weeks.

Ramelius Resources Limited (ASX: RMS)

The Ramelius Resources share price wasn’t far behind with a gain of 6%. This was driven by a rise in the gold price amid the market volatility caused by recession fears. It wasn’t just Ramelius that was rising. Recording similar gains were Newcrest Mining Ltd (ASX: NCM), Evolution Mining Ltd (ASX: EVN), St Barbara Ltd (ASX: SBM), and Silver Lake Resources Limited (ASX: SLR).

Carsales.Com Ltd (ASX: CAR)

The Carsales share price avoided the selloff and recorded a 4.2% gain last week. All this gain and more came on Friday after an inexplicably large gain. Though, with the auto listings company’s shares hitting a 52-week low earlier this week, some investors may believe they have been oversold.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments and POLYNOVO FPO. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

ASX share price rise represented by investor riding atop leaping lion
Share Gainers

Why has the Liontown share price roared 30% higher in a week?

What's driving Liontown shares higher lately?

Read more »

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.
Share Gainers

Why Graincorp, Imugene, iSelect, and Mayne Pharma shares are racing higher

These ASX shares are on form on Wednesday...

Read more »

A woman blowing gold glitter out of her hands with a joyous smile on her face.
Share Gainers

Guess which ASX mining share is rocketing 30% on a ‘significant new discovery’

Meeka Metals has set off in vertical fashion today.

Read more »

A woman standing on a path flanked by big green trees is surrounded by colourful balloons tumbling from the sky.
Share Gainers

Why did the Pure Hydrogen share price pop 21% today?

Why did Pure Hydrogen shares have such an amazing day today?

Read more »

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising Tassal share price
Share Gainers

Why Coronado Global, Lake, Megaport, and REA shares are storming higher

These ASX shares are having a good day...

Read more »

A girl runs along with her kite flying high in the sky.
Share Gainers

3 ASX mining shares rocketing by more than 20% today

Up we go in another day of double-digit gains for the ASX metals and mining equity bucket.

Read more »

Two men laughing while bouncing on bouncy balls
Share Gainers

Why is the BrainChip share price bouncing 6% higher today?

What's causing the BrainChip share price to pop on Tuesday?

Read more »

A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today
Share Gainers

Why is the Lake Resources share price powering up 17% today?

What's going on with the Lake Resources share price on Tuesday?

Read more »