The S&P/ASX 200 Index (ASX: XJO) was out of form again last week and recorded its fourth consecutive weekly decline. The benchmark index fell 0.5% to end the period at 7,241.2 points.
Fortunately, that couldn't stop some ASX 200 shares from storming higher last week. Here's why these were the best performing shares on the index over the period:
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Worley Ltd (ASX: WOR)
The Worley share price was the best performer on the ASX 200 last week with a gain of 10%. This follows the release of its investor day presentation in the middle of the week. One broker that was pleased with what it heard at the event was Morgan Stanley. In response, the broker upgraded the engineering company's shares to an overweight rating with an improved price target of $12.00. Morgan Stanley expects Worley to benefit from the clean energy transition.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price wasn't far behind with a gain of 9.4%. This appears to have been driven by the rare earth producer's annual general meeting update. At the meeting, management spoke positively about demand for rare earths. It notes that its volume forecast for NdPr demand has increased to an average 10% annual growth rate from 7.5% previously.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price was on form and climbed 7.9% over the five days. The quick service restaurant operator's shares stormed higher after investors responded positively to its half year results. Collins Foods reported a 9.5% increase in revenue to a record of $534.2 million and a 31.6% jump in underlying net profit after tax to $28.9 million. A strong performance from the KFC Europe business helped drive its growth.
BHP Group Ltd (ASX: BHP)
The BHP share price was a positive performer and rose 5.9% last week. This follows a positive week for the resources sector and news that the mining giant plans to proceed with its unification. This will see BHP make its ASX listing the primary listing. The Big Australian's Board believes unification is in the best interests of shareholders. It will result in a corporate structure that is simpler and more efficient, reduces duplication and streamlines BHP's governance and internal processes.
