In a welcome turnaround, the S&P/ASX 200 Index (ASX: XJO) looks set to close the week in the green, with plenty of help from four fast-rising ASX 200 stocks.
With just over three hours of trade left in the week, the ASX 200 is up 1.7% since last Friday's closing bell.
The four stocks we look at below, however, have all gained 8% or more.
Which outperforming companies are we talking about?
Read on!
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ASX 200 stocks leading the charge this week
The first big gaining ASX 200 stock on my list for the week is IGO Ltd (ASX: IGO).
Shares in the lithium miner closed last Friday trading for $3.99. At the time of writing, those same shares are worth $4.32. That sees the IGO share price up 8.3% over the week.
Most of those gains were delivered on Monday amid what looks to be improving investor sentiment for the outlook of global lithium demand.
It's been a month since IGO released its half-year results on 20 February. Over the six months, IGO reported $284 million in revenue from continuing operations, down 35% year on year. Net loss after tax came in at $782 million, compared to a profit after tax of $288 million in H1 2024. Management opted not to pay an interim dividend.
Which brings us to this week's second-outperforming ASX 200 stock, TPG Telecom Ltd (ASX: TPG).
Shares in the telco closed last Friday trading for $4.52. At the time of writing, shares are changing hands for $4.87 each. This sees the TPG Telecom share price up 7.7% over the week.
TPG shares closed up 5.9% on Thursday after the Australian Competition and Consumer Commission (ACCC) gave the green light to TPG's sale of its fixed-line business, enterprise, government, wholesale division, and fibre and transmission networks to Vocus Group.
The proposed sale still remains subject to approval by the Australian Foreign Investment Review Board and United States regulators.
Moving on to the third fast-rising ASX 200 stock, we have Codan Ltd (ASX: CDA).
Codan shares closed last week trading for $14.32. Shares are currently trading for $15.81, which sees the Codan share price up 10.4% over the week.
With no price-sensitive announcements out this week, Codan – which develops metal detectors and electronics solutions for military and private customers – looks to be benefiting from the big projected growth in global defence spending.
Also leaping higher this week…
Rounding off my list of this week's outperforming stocks is Challenger Ltd (ASX: CGF).
Shares in the investment management company closed last week at $5.38. At the time of writing, those shares are worth $5.94, putting the Challenger share price up 10.4% over the week (neck and neck with Codan shares).
There was no price-sensitive news from Challenger this week either, but shares closed up 5.7% on Thursday.
As the Motley Fool's James Mickleboro pointed out yesterday, that may have been driven by a bullish note from Barrenjoey. The broker upgraded Challenger shares to buy and lifted its price target to $7.00 a share.
