After a strong start to the week, the S&P/ASX 200 Index (ASX: XJO) gave back all its gains and more on Friday.
A sizeable decline on the final day of the week led to the index recording a 2.4% weekly decline to end it at 5925.5 points.
Fortunately, not all shares dropped lower with the market last week. Here’s why these were the best performers on the ASX 200 over the period:
SKYCITY Entertainment Group Limited (ASX: SKC)
The SKYCITY share price was the best performer on the ASX 200 last week with an 11.7% gain. Investors were buying the casino and resorts operator’s shares following its FY 2020 results. While SKYCITY posted a sharp decline in normalised earnings, its trading update got investors excited. Management revealed that local gaming in Auckland and Hamilton is now ahead of pre-COVID levels and local gaming in Adelaide is now consistent with pre-COVID 19 levels. In light of this, the company expects to deliver profit growth in FY 2021.
Lendlease Group (ASX: LLC)
The Lendlease share price wasn’t far behind with a strong 9.1% gain over the period. The catalyst for this was a positive reaction to the international property and infrastructure company’s strategy update. One leading broker that was pleased with its new strategy was Goldman Sachs. Its analysts retained their conviction buy rating and lifted their price target on its shares to $16.37.
AMP Limited (ASX: AMP)
The AMP share price was a positive performer last week and jumped 8.5% higher. Investors were buying the financial services company’s shares amid speculation it has received offers for some of its assets. This could see AMP breaking up its business and selling off parts if it creates value for shareholders.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price was on form and climbed 8.5% higher last week. Investors have been buying the horticulture company’s shares since the release of its half year results on Friday of last week. For the six months ended 28 June 2020, Costa posted a 6.8% increase in revenue to $612.4 million and a 12% jump in net profit after tax to $45.8 million. This was driven by a very strong performance from its international business.
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More reading
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia has recommended Sky City Entertainment Group 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.
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