Despite a small blip late on in the week, the S&P/ASX 200 Index (ASX: XJO) managed to record its third consecutive weekly gain. The benchmark index rose 1.2% over the period to end it at 7,493.8 points.
While a good number of shares climbed with the market, some rose more than most. Here’s why these were the best performers on the ASX 200 last week:
Novonix Ltd (ASX: NVX)
The Novonix share price was the best performer on the ASX 200 last week with a 16.1% gain over the five days. This was despite there being no news out of the battery materials and technology company. Though, with its shares still down 40% year to date even after this gain, some investors may believe they have been oversold.
AVZ Minerals Ltd (ASX: AVZ)
The AVZ share price wasn’t far behind with a gain of 14% last week. This appears to have been driven partly by rising lithium prices. At the end of the week, Allkem Ltd (ASX: AKE) revealed that it expects lithium carbonate pricing of approximately US$35,000 per tonne FOB for the June quarter. This is up from US$27,236 per tonne during the March quarter and is more than triple the US$11,095 per tonne it received during the first half.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was a strong performer and charged 12.1% higher over the period. As the mining and mining services company has exposure to both iron ore and lithium, strong pricing for both appears to have given its shares a boost. In addition, there was a positive update relating to the Lockyer Deep-1 well, which led to Macquarie retaining its outperform rating and lofty $77.00 price target on the company’s shares.
Life360 Inc (ASX: 360)
The Life360 share price was on form and charged 10% higher last week. This follows a rebound in the tech sector which was strongest among loss-making shares that were hit hardest following the selloff earlier this year. The Life360 share price remains down 40% in 2022 despite this strong gain.
The post These were the best performers on the ASX 200 last week appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro owns Life360, Inc. and Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Life360, Inc. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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