The S&P/ASX 200 index was on form last week and recorded a 2% gain to finish the period at 6,846 points.
Whilst most shares on the index climbed higher, a few climbed more than most. Here’s why these shares were the best performers on the benchmark index last week:
The Bravura Solutions Ltd (ASX: BVS) share price was the best performer on the index last week with a sizeable 25% gain. Investors were buying the fintech company’s shares after its trading update revealed that it was on track to achieve its FY 2020 guidance of mid-teen net profit growth. Also supporting its shares was a broker note out of Goldman Sachs. Its analysts upgraded its shares to a buy rating with a $5.06 price target following its update.
The Caltex Australia Limited (ASX: CTX) share price wasn’t far behind with a gain of 24.1%. The fuel retailer’s shares raced higher after it confirmed the receipt of an unsolicited takeover proposal from Alimentation Couche-Tard. The offer has an indicative cash price of $34.50 cash per share, less any dividends declared by Caltex. The Caltex board is currently considering the offer. It also revealed that it previously rejected a $32.00 per share proposal.
The Virgin Money UK PLC (ASX: VUK) share price was on form last week with a gain of 22.3%. The majority of this gain came at the end of the week following the release of its full year results. Although Virgin Money reported a 7% decline in underlying profit to £539 million, this was in line with expectations. Also supporting its shares was a broker note out of the Macquarie equities desk. It retained its outperform rating and lifted its price target to $3.70.
The Avita Medical Ltd (ASX: AVH) share price rocketed 11.6% higher last week despite there being no news out of the medical technology company. However, it has been a very busy month for the company behind the RECELL System. Earlier this month Avita announced the successful completion of an institutional placement raising $120 million at 59 cents per share. This will be used to fund the pipeline development of new indications and the U.S. growth of its increasingly popular regeneration platform.
The post These were the best performing ASX 200 shares last week appeared first on Motley Fool Australia.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd. The Motley Fool Australia has recommended Bravura Solutions Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019