The S&P/ASX 200 Index (ASX: XJO) was on form again last week thanks partly to strong gains in the consumer discretionary and industrials sectors. The ASX 200 rose 0.8% over the five days to end it at 6,766.8 points.
While a good number of shares climbed higher with the market, some stood out with particularly strong gains. Here’s why these were the best performers on the ASX 200 last week:
Zip Co Ltd (ASX: Z1P)
The Zip share price was the worst performer on the ASX 200 last week with a disappointing 10.2% decline. Weakness in the tech sector due to concerns over rising bond yields and a broker note out of UBS weighed on the buy now pay later provider’s shares. In respect to the latter, UBS downgraded Zip’s shares to a sell rating with a $6.40 price target. This compares to the Zip share price of $8.59 at the end of the week.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price was out of form and dropped 7.3% over the five days. A good portion of the salary packaging and fleet management company’s share price decline last week was driven by its shares trading ex-dividend. Eligible Smartgroup shareholders can now look forward to being paid its final fully franked dividend of 32 cents per share on 23 March.
Santos Ltd (ASX: STO)
The Santos share price wasn’t far behind with a 7% decline last week. This was driven by news that major shareholder ENN Group sold approximately 107.1 million shares, representing a 5.14% interest in Santos, at $7.33 per share. The energy producer advised that ENN has told it that it remains fully supportive of Santos’ strategy and future direction. It is also excited to remain its largest individual shareholder with a 9.97% stake.
A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price was out of form again last week and sank 5.8%. This latest decline means the infant formula company’s shares are now down 25% since the start of the year. A disappointing half year result, which included a second downgrade to its FY 2021 guidance, is the reason for its share price decline. Judging by the selling, investors don’t appear convinced that the company’s performance will turnaround quickly.
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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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia has recommended SMARTGROUP DEF SET. 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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