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With only a few hours left before Friday’s closing bell, the S&P/ASX 200 Index (ASX: XJO) is down 0.7% for the week, but that’s not holding back these three rocketing ASX 200 stocks.
Two of this week’s top performers are mining stocks while the third is in the healthcare sector.
So, which three stocks are making investors especially happy this week?
Read on!
ASX 200 stocks smashing the benchmark this week
The first strongly outperforming stock on my list for the week is Mesoblast Ltd (ASX: MSB).
Shares in the clinical-stage biotechnology company closed last Friday trading for $2.21. In afternoon trade today, shares are changing hands for $2.45 apiece.
That sees shares in the ASX 200 stock up 10.9% for the week. Longer term, Mesoblast shares are up 152% since this time last year.
There was no price-sensitive news out from the company this week. But Mesoblast has been receiving positive broker coverage recently, which may have spurred additional buying.
Last week, for example, Bell Potter maintained its speculative buy rating on Mesoblast shares with a $3.50 price target. That implies a potential upside of almost 43% from current levels.
And consensus analyst recommendations on CommSec have the stock as a strong buy. Six analysts rate it as such, with one analyst recommending Mesoblast as a hold. There are no sell recommendations.
Which brings us to…
ASX lithium miners leading the charge
It’s been a good week to own ASX 200 stocks in the lithium space, like Liontown Resources Ltd (ASX: LTR).
Shares in the lithium miner closed last Friday trading for 80 cents. At the time of writing today, shares are changing hands for 94 cents each. That sees the Liontown share price up 17.5% in this week’s falling market.
Longer term, Liontown shares are up 40% since this time last year.
Rival lithium miner Pilbara Minerals Ltd (ASX: PLS) also pleased shareholders this week.
Pilbara Minerals shares closed last Friday, trading for $1.98, and are currently swapping hands for $2.37 apiece. That puts this ASX 200 stock up 19.7% for the week.
Longer term, Pilbara Minerals shares remain down 18% over 12 months.
There was no fresh price-sensitive news out from either Liontown of Pilbara Minerals this week. But both miners look to have benefited from an influx of bargain hunters following the sharp sell-down in lithium stocks last week.
Last week’s selling was driven by news that Chinese battery giant CATL was likely to restart production at its Jianxiawo lithium mine far earlier than expected.
CATL paused production at the mine in early August after its mining license expired, resulting in a 20% increase in global lithium prices that month. When investors learned of the potentially early restart, lithium stocks felt the pain.
This week, the ASX 200 stocks have recouped most, though not all, of last week’s losses.