The S&P/ASX 200 Index (ASX: XJO) returned to form last week after a major a selloff a week earlier. This led to the benchmark index rising 1.9% over the five days to end it at 7,120.2 points
While a good number of shares pushed higher with the market, some rose more than most. Here’s why they were the best performers on the ASX 200 over the period:
Nufarm Ltd (ASX: NUF)
The Nufarm share price was the best performer on the ASX 200 last week with a 26% gain. Investors were bidding the agricultural chemicals company’s shares higher following the release of a very upbeat trading update. According to the release, Nufarm’s first quarter revenue grew 36% over the prior corresponding period. Management advised that this was supported by favourable weather conditions.
News Corp (ASX: NWS)
The News Corp share price was on form and charged 11.7% higher over the week. Investors were buying the media giant’s shares following the release of its second quarter and half year update. In respect to the second quarter, News Corp delivered a 13% increase in revenue and an 18% jump in EBITDA. This led to the company reporting a first half operating profit of almost US$1 billion, which is up 30% over the same period a year earlier.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price wasn’t far behind with a 10% gain. There may have been a couple of drivers of this gain. One is the insurance giant being named one of Morgans’ best shares to buy in February. The broker has an add rating and $14.32 price target on its share. In addition to this, the company became a member of the United Nations-convened Net Zero Insurance Alliance last week.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price was a positive performer and rose 10% last week. A number of travel shares were on form over the five days despite there being no news out of them. However, with COVID-19 case numbers easing in Australia, investors may be optimistic that the travel market recovery is coming now.
The post These were the best performing ASX 200 shares last week appeared first on The Motley Fool Australia.
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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’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. 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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