These were the best performing ASX 200 shares last week

It was party time for these ASX 200 shares last week…

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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:

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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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