The S&P/ASX 200 Index (ASX: XJO) returned to form last week after Omicron concerns eased. The benchmark index charged 1.5% higher to end the period at 7,353.5 points.
While a good number of shares rose with the market, some climbed more than most. Here's why these were the best performing ASX 200 shares last week:
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Metcash Limited (ASX: MTS)
The Metcash share price was the best performer on the ASX 200 last week with a gain of 13.9%. Investors were buying this wholesale distributor's shares following the release of a strong half year result. For the six months ended 31 October, Metcash reported a 1.3% increase in revenue to $7.2 billion and underlying profit after tax growth of 13.1% to $146.6 million. Another positive was that Metcash revealed strong sales growth across its businesses so far in the second half.
Mesoblast limited (ASX: MSB)
The Mesoblast share price wasn't far behind with a gain of 12.5% last week. This appears to have been driven by an update on its DREAM-HF Phase 3 trial of Rexlemestrocel-L in patients with chronic heart failure and low ejection fraction (HFrEF). According to the release, the trial found the greatest benefit from Rexlemestrocel-L is in HFrEF patients with diabetes, ischemia, or both.
St Barbara Ltd (ASX: SBM)
The St Barbara share price was a strong performer and charged 9.8% higher over the five days. Investors were buying gold miners last week after the price of the precious metal rebounded. This led to the S&P/ASX All Ords Gold index rising an impressive 3.4% over the period. For the same reason, the Gold Road Resources Ltd (ASX: GOR) share price rose 9.7% last week.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price was on form and stormed 9.4% higher last week. This gain appears to have been driven by a rebound in the tech sector and particularly in the US gambling industry. For example, the Draftkings share price was up 11% on the Nasdaq from Friday's close through to Thursday's close.
