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.