A poor finish to the week led to the S&P/ASX 200 Index (ASX: XJO) posting a small weekly decline. The benchmark index fell 0.2% to end it at 6024 points.
Not all shares tumbled lower with the market last week, though. Here's why these ASX 200 shares were the best performers on the index over the period:
The Resolute Mining Limited (ASX: RSG) share price was the best performer on the ASX 200 last week with a 17.8% gain. Investors were buying the gold miner's shares after the release of its second quarter update. During the quarter, Resolute achieved gold production of 107,183 ounces at an all-in sustaining cost (AISC) of US$1,033 an ounce. This means Resolute is on course to achieve its FY 2020 guidance of 430,000 ounces at an AISC of US$980 an ounce. The latter was notably lower than its average realised price of US$1,446 an ounce for the period. Fellow gold miner Silver Lake Resources Limited (ASX: SLR) was also a strong performer last week with an 11.6% gain. This follows the release of its quarterly update.
The AP Eagers Ltd (ASX: APE) share price was on form last week and recorded a strong 16.8% gain. The catalyst for this gain appears to have been a broker note out of UBS. Its analysts have initiated coverage on the auto retailer with a buy rating and $7.90 price target. Although it acknowledges that trading conditions are tough, it believes AP Eagers is well-placed to deliver structural improvements in its profitability over the medium term.
The Orocobre Limited (ASX: ORE) share price wasn't far behind with a 13.2% gain. This was despite there being no news out of the lithium miner last week. However, investors have been buying Orocobre's shares since its update in late June. So much so, the Orocobre share price is now up over 26% since this time last month.
The QBE Insurance Group Ltd (ASX: QBE) share price was a solid performer and rose 11% last week. Investors were buying the insurance giant's shares after it revealed its expectations for the first half of FY 2020. QBE expects to report a first half combined operating ratio of around 104%, which reflects COVID-19 impacts of around $335 million, adverse catastrophe experience of around $60 million, and adverse prior accident year claims development of around $120 million. One broker that was pleased with its progress was Morgan Stanley. It has retained its overweight rating and lifted its price target to $12.50.
