The S&P/ASX 200 Index (ASX: XJO) was on course to record a small weekly gain before a selloff on Friday. This ultimately led to the benchmark index losing 1.6% of its value over the five days and ending the period at 7,279.3 points.
The good news is that not all shares tumbled lower with the market. Here's why these were the best performers on the ASX 200 last week:
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EML Payments Ltd (ASX: EML)
The EML Payments share price was the best performer on the ASX 200 last week with a 24.3% gain. Investors were buying the payments company's shares following the release of an update on its dealings with the Central Bank of Ireland. The central bank has advised that it will allow EML's PFS Card Services Ireland business to sign new customers and launch new programs. In addition, broad-based reductions in limit controls on programs will not be imposed. This appears to have eased concerns that the business could lose its licence to operate in Europe.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price was on form again and stormed a further 17.2% higher over the five days. Investors were bidding the nickel producer's shares higher after it agreed to expand its partnership with Shanghai Decent. The deal will see Nickel Mines acquire a 70% interest in Shanghai Decent's Oracle Nickel Project. The project comprises four next-generation rotary kiln electric furnace lines, currently under construction in the Indonesia Morowali Industrial Park. The company will pay US$371 million for the acquisition and provide US$154 million of construction funding.
Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price was a positive performer and jumped 11.1% last week. The catalyst for this was a decent rise in the iron ore price which gave the sector a boost. For the same reason, the Champion Iron Ltd (ASX: CIA) share price was a strong performer and rose 9.5% over the period.
NRW Holdings Limited (ASX: NWH)
The NRW share price was on form and pushed 6.1% higher over the period. This was driven by the release of the mining services company's annual general meeting update. At the event, management advised that following a number of new contract wins, it is maintaining its earnings guidance with a higher degree of certainty. NRW is forecasting operating earnings before interest and tax (EBIT) of $145 million to $155 million in FY 2022. This will be up from $120.6 million in FY 2021.
