The S&P/ASX 200 index was a positive performer last week thanks largely to the easing of trade tensions between the US and China.
This led to the benchmark index recording a 34-point or 0.5% gain to finish the week at 6647.3 points.
A number of shares pushed higher last week, but some rose more than most. Here's why these shares were the best performers on the S&P/ASX 200 index last week:
The Speedcast International Ltd (ASX: SDA) share price was the best performer on the ASX 200 index last week with a gain of 62%. After crashing significantly lower over the previous two weeks, bargain hunters swooped in last week to pick up the global satellite communications provider's shares on the cheap. Two large instances of insider buying may have given investor sentiment a boost.
The Western Areas Ltd (ASX: WSA) was some distance behind Speedcast as the second-best performer with a 24.2% gain. Investors were scrambling to buy the nickel producer's shares last week after Indonesia brought forward its raw ore export ban by two years. As Indonesia is the largest nickel producer in the world, this decision led to concerns over supply levels and sent the nickel price hurtling to multi-year highs.
The Bellamy's Australia Ltd (ASX: BAL) share price returned to form last week with a 16.9% gain. The infant formula and baby food company's shares raced higher despite there being no news out of it. However, with its shares losing over a quarter of their value in August, I suspect some investors felt that its shares had dropped to an attractive level.
The Costa Group Holdings Ltd (ASX: CGC) share price also returned to form last week and rose a sizeable 12.7%. Once again, I suspect that this was down to bargain hunters swooping in after the horticulture company's shares were sold off again in August after the release of a very disappointing half year result and cautious guidance for the full year.
