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With only a few hours of trade left in the week, the S&P/ASX 200 Index (ASX: XJO) is down 0.3% since last Friday’s close, but don’t blame these five surging ASX 200 shares.
This week’s top performers include mining stocks, an industrial stock, and a fast-rising defence stock.
Here’s what’s been sending them storming higher despite the slipping market.
ASX 200 shares racing higher this week
The first company that’s smashing the benchmark returns this week is James Hardie Industries plc (ASX: JHX).
Shares in the building materials company closed last Friday trading for $29.96 and are currently changing hands for $33.24 apiece. That sees this ASX 200 share up 11.0% for the week. The James Hardie share price remains down 34% in 2025.
James Hardie shares enjoyed a big lift on Wednesday after the company reported an update with some unexpectedly strong second-quarter results. James Hardie expects to achieve net sales of US$1.29 billion to US$1.30 billion for the three months to 30 September.
Moving on to the second ASX 200 share flying higher despite the slipping market, we (again) find DroneShield Ltd (ASX: DRO).
Shares in the drone defence company closed last week at $5.68. In late afternoon trade today, shares are trading for $6.46 each. That sees the DroneShield share price up 13.6% for the week. As for 2025, drum roll please, the stock is now up a jaw-dropping 760%!
This week’s outperformance looks to have been driven by two announcements.
On Wednesday, the company announced its intention to build a $13 million counter-drone research and development facility in South Australia.
And on Thursday, DroneShield reported on its biggest sensor and effector software release in history, with a sharp focus on artificial intelligence.
Which brings us to the third ASX 200 share that’s shooting higher this week, Lynas Rare Earths Ltd (ASX: LYC).
Shares in the rare earths miner closed last Friday at $18.06 and are currently trading for $20.56 apiece. This sees the Lynas share price up 13.8% over the week. Lynas shares are now up 215% in 2025.
Investors look to have been buying Lynas shares amid reports that China will further clamp down on its rare earth exports. The Middle Kingdom controls some 70% of the global rare earths trade, with the West seeking more of the critical elements outside of China.
Shares also enjoyed a big boost on Thursday after Lynas announced it had inked a deal with United States-based Noveon Magnetics to work together on creating a scalable rare earth magnets supply chain in the world’s top economy.
Also rocketing higher this week
Two other ASX 200 shares leapt higher this week on no fresh news, including Mineral Resources Ltd (ASX: MIN).
Sharese in the lithium miner and diversified resources producer closed last week at $40.60. Shares are currently swapping hands for $45.45 apiece. This puts the Mineral Resources share price up 12.0% for the week. Shares are now up 31% in 2025, with sentiment on the global lithium market potentially improving.
And rounding off the list of outperforming ASX 200 shares this week, we have South32 Ltd (ASX: S32).
The South32 share price closed last week at $2.79. At the time of writing, shares are trading for $3.20. That puts the South32 share price up 14.5% for the week. Shares remain down 8% in 2025.
With no fresh news out, it looks like the Aussie miner could be benefiting from the multi-year highs reached in both copper and silver prices this week.