The S&P/ASX 200 Index (ASX: XJO) was on form last week and stormed higher over the five days. The benchmark index rose 1.4% over the period to end at 7,420.3 points.
While a good number of shares climbed higher with the market, some rose more than most. Here’s why these were the best performing ASX 200 shares last week:
Link Administration Holdings Ltd (ASX: LNK)
The Link share price was the best performer on the ASX 200 last week with a 12.9% gain. Investors were buying the administration services company’s shares after it received a takeover approach from Dye & Durham. If the deal goes ahead, Link shareholders will receive $5.50 per share in cash and a 3 cents per share interim dividend.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price wasn’t far behind with a gain of 11.1% over the five days. This appears to have been driven by a broker note out of Macquarie. Last week the broker held firm with its outperform rating and lifted its price target by 10% to a lofty $79.00. Macquarie believes that Mineral Resources is well-positioned to benefit from record lithium prices for the next four years.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price was on form again and charged 10.7% over the period. Investors have been buying the medical device company’s shares since the release of a strong second quarter update last week. That update revealed that sales for October and November in the United States are up 133% over the prior corresponding period to $4.66 million.
AMP Ltd (ASX: AMP)
The AMP share price was a strong performer and climbed 10.5% last week. A good portion of this gain was made on Friday after it announced a divestment from its private markets business, PrivateMarketsCo. AMP has agreed to sell its infrastructure debt platform to Ares Holdings for a total cash consideration of $428 million. The agreement follows PrivateMarketsCo’s strategic decision to focus on managing equity investments in real estate and infrastructure.
The post These were the best performing ASX 200 shares last week appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Link Administration Holdings Ltd and POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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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