The S&P/ASX 200 Index (ASX: XJO) was on form last week and stormed notably higher. The benchmark index rose 149.2 points or 2.1% to end the week at 7,179.5 points.
While a good number of shares climbed higher with the market, some recorded particularly strong gains. Here’s why these were the best performers on the ASX 200 last week:
HUB24 Ltd (ASX: HUB)
The HUB24 share price was the best performer on the ASX 200 last week with an impressive 18.5% gain. This was despite there being no news out of the investment platform provider during the period. The buying was so strong that the company’s shares hit a record high of $28.00 on Friday. This gain appears to have been driven by improving investor sentiment in the tech sector after bond yields softened.
Kogan.com Ltd (ASX: KGN)
The Kogan share price wasn’t far behind with a very strong gain of 17.1%. Investors appear to have been taking advantage of a sharp pullback by the ecommerce company’s shares following a very disappointing trading update earlier this month. Also of note, last week Canaccord Genuity retained its buy rating but cut its price target on the company’s shares to $14.00. The Kogan share price ended the week at $10.19.
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price was on form and charged 14.8% higher over the five days. Late last week the property listings company confirmed that it has teamed up with private equity firm KKR to make a takeover offer for the PEXA stake owned by Link Administration Holdings Ltd (ASX: LNK). KKR has tabled an offer that values PEXA at $3 billion on a 100% basis. Link owns approximately 44.2% of the property settlement business.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price was a positive performer and jumped 13.4% last week. This strong gain appears to have been driven by a rally in resources shares and a broker note out of Canaccord Genuity. In respect to the latter, the broker retained its buy rating and lifted it price target on the lithium miner’s shares to $1.45. The Pilbara Minerals share price finished the week at $1.23.
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