These were the best performing ASX 200 shares last week

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

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 carsales.com 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

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »