The S&P/ASX 200 Index (ASX: XJO) was on form again last week and recorded a very strong gain. The benchmark index climbed 4.2% over the five days to end at 5998.69 points.

While most shares on the index pushed higher, some climbed more than most. Here’s why these were the best performers on the ASX 200 over the period:

The Pilbara Minerals Ltd (ASX: PLS) share price was the best performer on the ASX 200 last week with a massive 36.5% gain. This was despite Chinese lithium prices falling to their lowest levels of the year last week amid lacklustre demand for the battery making ingredient. Pilbara Minerals is one of the most shorted shares on the ASX with short interest of 9.25%. I suspect some of its gains could have been down to short sellers buying shares to close their positions.

The Unibail-Rodamco-Westfield (ASX: URW) share price was on form for once and surged 28% higher last week. This appears to have been driven by optimism over the reopening of economies and bargain hunters taking advantage of a recent collapse in the shopping centre operator’s share price. Even after last week’s gain, Unibail-Rodamco-Westfield’s shares are down 55% from their 52-week high.

The Adbri Ltd (ASX: ABC) share price was a strong performer last week with a 27.6% gain. The catalyst for this strong gain was the government announcing a $688 million HomeBuilder program to support the construction industry. This program will see Australians offered $25,000 grants to build a new home or start a major renovation. Adbri, previously known as Adelaide Brighton, looks well-placed to benefit as a building materials provider.

The Perenti Global Ltd (ASX: PRN) share price wasn’t far behind with a 23.5% gain last week. This was despite there being no news out of the mining services company. These latest gains mean that Perenti, formerly known as Ausdrill, has seen its shares rally 225% higher since dropping to a 52-week low in late March.

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price caught the eye last week with a 19% gain. Investors were piling into banking shares again on the belief that the sector’s outlook was not as bad as first feared. The big four banks were also strong performers and played a key role in driving the ASX 200 higher.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It certainly was a fantastic five days for the S&P/ASX 200 Index (ASX: XJO) last week. The benchmark index stormed 4.2% higher over the period to end at 5998.69 points.

Not all shares were able to climb higher with the market, though. Here’s why these were the worst performers on the ASX 200:

The Gold Road Resources Ltd (ASX: GOR) share price was the worst performer on the ASX 200 last week with a 14.4% decline. This was driven by a pullback in the gold price after risk appetite improved. A number of other gold miners including Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), Saracen Mineral Holdings Limited (ASX: SAR), and Silver Lake Resources Limited (ASX: SLR) were also among the worst performers during the week.

The Nufarm Limited (ASX: NUF) share price was a poor performer last week and fell 8.9%. This decline appears to have been driven by a broker note out of Macquarie. According to the note, the broker downgraded Nufarm’s shares to an underperform rating with a $4.85 price target. Its analysts were underwhelmed with its trading update and appear concerned over its prospects in the important fourth quarter.

The Pro Medicus Limited (ASX: PME) share price was out of form and fell 8% over the period. This was despite the healthcare technology company announcing a major contract win. It appears as though a broker note out of UBS offset this good news. The broker downgraded Pro Medicus’ shares to a neutral rating with a $29.65 price target. It made the move on valuation grounds.

The TPG Telecom Ltd (ASX: TPM) share price wasn’t far behind with a 7.2% decline last week. It looks as though some investors were taking a bit of profit off the table after a strong share price gain over the last month. TPG Telecom’s gain since the beginning of May was driven by optimism over the progress it is making with its merger plans with Vodafone Australia.    

More reading

• ASX 200 down 0.35%: UBS upgrades NAB and Westpac, Qantas soars again
• Top broker tips the Vocus share price to zoom higher
• 5 things to watch on the ASX 200 on Friday
• Why the Nufarm share price is crashing lower today
• These ASX healthcare shares could be long term market beaters

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia has recommended Pro Medicus Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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