3 top-performing ASX shares this week

Appen Ltd (ASX: APX) and Aristocrat Leisure Ltd (ASX: ALL) are among some of the best performing ASX shares this week

speedometer depicting high performance ASX miners outperform

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is down 0.13% this afternoon so the chances of finishing the week with four out of five days in positive territory are narrowing. However, Wednesday's sharp selloff has pretty much put us back to square one anyway.

Despite the whipsaw like action from the broader market, here are 3 ASX shares that managed to top the market.

Appen Ltd (ASX: APX)

The Appen business is looking to turn a new leaf following its business and trading update on Wednesday. Alongside a restructuring of its business divisions, the company reaffirmed its FY21 underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of US$83 million to US$90 million. The Appen share price has surged 20% this week to $13.18 at the time of writing.

Despite Appen shares making it onto the top-performing ASX 200 shares list, its shares are still sitting at multi-year lows, down 47% year-to-date and more than 60% lower than its all-time record highs. While the company has impressed the market this week and reaffirmed its near-term earnings, this is arguably the first step in Appen's road to recovery.

Aristocrat Leisure Ltd (ASX: ALL)

The jump in the Aristocrat Leisure share price was another announcement-driven catalyst. Its shares jumped as much as 9.40% to an all-time record high of $40.86 on Monday after announcing a half-year earnings upgrade.

The company announced an exceptional product performance and customer engagement for its casino gaming business, coupled with stronger than expected customer sentiment and economic conditions in key US and ANZ markets.

While investors might expect Aristocrat shares to take a breather after such a significant move on Monday, its shares have steadily moved higher, and are currently trading at $40.50 or a weekly gain of 8.70%.

Perseus Mining Ltd (ASX: PRU)

Perseus Mining is a less-known gold miner compared to household names such as Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST) and Newcrest Mining Ltd (ASX: NCM). Its shares have rallied 8.50% this week, despite no market-sensitive updates.

This week, gold rallied to a 4-month high of US$1,870, likely propping up both the Perseus share price and its gold mining peers. Factors including rising inflation expectations, easing treasury yields and the recent Bitcoin selloff could be drivers behind the higher gold price.

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Appen Ltd. 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 Bruce Jackson.

More on Share Gainers

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why EOS, News Corp, Polynovo, and Pro Medicus shares are roaring higher today

These shares are starting the week positively. But why?

Read more »

Five young people sit in a row having fun and interacting with their mobile phones.
Share Gainers

5 ASX 200 stocks marching higher this week even as the market sinks

These five ASX 200 companies are shrugging off the broader selling to march higher this week.

Read more »

Rising share price chart.
Share Gainers

Why Novonix, HMC, Karoon Energy, and Ventia shares are pushing higher

These shares are ending the week on a positive note. But why?

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

3 top ASX 200 stocks I wish I'd owned in 2024

These three top ASX 200 stocks are racing higher in 2024.

Read more »

Man pointing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Champion Iron, EBR Systems, Mesoblast, and Patriot Battery Metals shares are surging today

These shares are avoiding the market selloff on Thursday. But why?

Read more »

A man looking at his laptop and thinking.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors ended up snatching defeat from the jaws of victory today.

Read more »

Excited group of friends sitting on sofa watching sports on TV and celebrating.
Share Gainers

Why Clarity, Omni Bridgeway, Santana Minerals, and Vulcan shares are pushing higher today

These shares are having a good time on hump day. But why?

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords stock just rocketed 44%

Investors are sending the ASX All Ords stock racing higher today. But why?

Read more »