The S&P/ASX 200 Index (ASX: XJO) was in fine form last week. Over the period, the benchmark index rose a sizeable 3.3% to finish the week at 7,294.4 points.
While a good number of shares climbed higher with the market, some climbed more than most. Here’s why these were the best performers on the ASX 200 last week:
ARB Corporation Limited (ASX: ARB)
The ARB share price was the best performer on the ASX 200 last week with a gain of 13.9%. Last week the team at Morgan Stanley retained its overweight rating and $56.00 price target on the 4×4 parts manufacturer’s shares. Its analysts believe recent share price weakness has created a buying opportunity for investors.
Elders Ltd (ASX: ELD)
The Elders share price wasn’t far behind with a 13.8% gain. Investors were buying the agribusiness company’s shares after it released a trading update which revealed that business has been booming during the first half. As a result, management advised that it is expecting its underlying earnings before interest and tax (EBIT) to increase by 20% to 30% in FY 2022.
Polynovo Ltd (ASX: PNV)
The Polynovo share price was a strong performer and recorded a 13% gain last week. This was despite there being no meaningful news out of the medical device company. Though, given how its shares are still down 60% over the last 12 months even after this gain, bargain hunters could have been buying shares last week on the belief they had been oversold.
Hub24 Ltd (ASX: HUB)
The Hub24 share price was on form and rose 12.3% over the five days. Investors were buying this investment platform provider’s shares amid a rebound in the tech sector last week. It wasn’t just Hub23 rising over the week, the S&P ASX All Technology index rose 6.7% over the period.
The post These were the best performing ASX 200 share last week appeared first on The Motley Fool Australia.
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More reading
- 5 things to watch on the ASX 200 on Friday
- The Polynovo (ASX:PNV) share price has lost 35% this year. Is now the time to buy?
- Why CSL, Dicker Data, Elders, and Virtus Health shares are charging higher
- ASX 200 (ASX:XJO) midday update: Elders jumps, Magellan and Zip tumble
- Why is the Elders (ASX:ELD) share price jumping 11% to a decade-high?
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 Hub24 Ltd and POLYNOVO FPO. The Motley Fool Australia owns and has recommended Hub24 Ltd. The Motley Fool Australia has recommended ARB Corporation Limited and Elders 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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