With only a few hours of trade left before Friday’s closing bell, the S&P/ASX 200 Index (ASX: XJO) is down 4.1% for the week, despite the best lifting efforts of these seven ASX 200 stocks.
Following the United States and Israeli strikes on Iran over the weekend, you’ll notice a number of this week’s outperformers are ASX energy shares, benefiting from rising global energy prices.
An ASX defence stock also makes the list. But you may be surprised by the top-performing ASX 200 stock this week, which earns its keep in the funds management business.
So, without further adoâ¦
ASX 200 stocks racing higher despite the falling market
The first company rewarding investors in this week’s falling market is Viva Energy Group Ltd (ASX: VEA).
Shares in the Aussie fuel supplier closed last Friday trading for $1.77. In afternoon trade today, shares are changing hands for $2.12, up 19.8% for the week.
Viva Energy looks to be benefiting from fast-rising oil and gas prices. Currently trading at US$84.17 per barrel, Brent crude oil is up 16.1% since last Friday.
That’s also likely seeing investors pile into Ampol Ltd (ASX: ALD) shares, another Aussie fuel supplier.
Shares in the ASX 200 stock closed last week at $28.17 and are currently trading for $31.48. This sees the Ampol share price up 11.7% for the week.
Which brings us to Santos Ltd (ASX: STO).
Shares in the oil and gas producer closed last Friday at $6.76 and are currently trading for $7.42. This sees the Santos share price up 9.7% despite the wider market sell-down.
Not surprisingly, then, Woodside Energy Group Ltd (ASX: WDS) shares are also strongly outperforming this week. Shares in the oil and gas giant closed last week at $28.31 and are currently changing hands for $30.61 each, up 8.1%.
And the rally has extended to ASX 200 coal stocks, like Whitehaven Coal Ltd (ASX: WHC), spurred by a 14% spike in thermal coal prices this week to US$135 per tonne.
Shares in the coal producer closed last week at $7.81 and are currently swapping hands for $8.50 apiece. That sees the Whitehaven share price up 8.8% this week.
And with drone attacks in the Middle East now making regular news, DroneShield Ltd (ASX: DRO) shares are also attracting heightened investor interest.
Shares in the drone defence company closed last week at $3.62 and are currently trading at $3.96. That sees the DroneShield share price up 9.3% for the week.
Leading the pack higher
Leading the ASX 200 stock charge this week is Magellan Financial Group Ltd (ASX: MFG).
Shares in the fund manager closed last Friday at $8.46 and are trading for $11.18 at the time of writing. This puts the Magellan share price up 32.2% for the week.
Magellan shares closed up a whopping 21.9% on Tuesday after exiting a trading halt and following news that the company plans to merge with Barrenjoey Capital Partners.
Commenting on the merger, Magellan chairman Andrew Formica said:
The merger with Barrenjoey marks a transformative step in MFG’s evolution, bringing together two highly complementary businesses to create an Australian financial services group with meaningful scale and breadth.
The post 7 ASX 200 stocks racing higher in this week’s sinking market appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor Bernd Struben 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 DroneShield and is short shares of DroneShield. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.