With just a few hours before Friday's closing bell, the S&P/ASX 200 Index (ASX: XJO) is up a welcome 2% for the week, with plenty of help from these four surging ASX 200 stocks.
We've got a fairly diverse batch of market leaders this week.
Here's why investors have been buying these ASX shares.
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ASX 200 stocks storming higher this week
The first outperforming stock on my list for the week is IperionX Ltd (ASX: IPX).
Shares in the titanium products producer closed last Friday trading for $6.37. At the time of writing, shares are changing hands for $7.16 each. That sees this ASX 200 stock up 12.3% for the week.
IperionX shares have been key beneficiaries of the United States' push to strengthen the defence-related supply chains for critical materials.
IperionX shares are marching higher again today after the company announced it had received the final US$4.6 million payment from the US$47.1 million US government funding package to support the development of titanium manufacturing within the US.
Which brings us to the second ASX 200 stock racing higher this week, Whitehaven Coal Ltd (ASX: WHC).
Shares in the coal miner closed last Friday trading for $7.83 and are currently trading for $8.82. This puts the Whitehaven share price up 12.7% for the week.
There were no price-sensitive announcements from the company this week. But the outlook for long-term coal demand is getting a big boost from China.
According to Trading Economics:
Coal prices rose toward US$110 per ton, climbing toward one-month highs as China prepares to launch more than 100 coal-fired power generators that are expected to supply electricity across the globe this year.
Moving on to the third ASX 200 stock smashing the benchmark this week, we have Iluka Resources Ltd (ASX: ILU).
Shares in the miner closed last week at $6.18. Shares are currently swapping hands for $7.06 each. That sees the Iluka Resources share price up 14.2% for the week.
With no fresh news out this week, Iluka also looks to be benefiting from the Western world's push to secure crucial rare earths supplies outside of China. Iluka produces zircon and high-grade titanium dioxide feedstocks, and the company owns a rare earths refinery project in Western Australia.
Which brings us to…
Leading the charge
The top performing ASX 200 stock on my list for the week is Light & Wonder Inc (ASX: LNW).
Shares in the gaming technology company closed last week trading for $154.70. In afternoon trade today, shares are changing hands for $179.72 apiece. This sees the Light & Wonder share price up 16.2% for the week.
Light & Wonder shares closed up 18% on Monday after announcing an end to the legal actions lodged by rival gaming company Aristocrat Leisure Ltd (ASX: ALL) in Australia and the United States.
Light & Wonder admitted it had erroneously used some of Aristocrat's maths information to develop its Dragon Train and Jewel of the Dragon games. The company agreed to pay Aristocrat Leisure US$127.5 million to settle the matter.
