Although the S&P/ASX 200 Index (ASX: XJO) had a positive end to the week, it wasn’t enough to take it into positive territory. The benchmark index fell 0.2% over the period to end at 7,478 points.
Fortunately, not all shares dropped with the market. Here’s why these were the best performing ASX 200 shares last week:
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price was the best performer on the ASX 200 last week with a 24.3% gain. This was driven by the release of the fund manager’s latest funds under management (FUM) update. While Magellan reported another $1.1 billion of net fund outflows for the period between 11 March and 31 March, this was a big improvement on recent trends. And thanks to favourable market movements, Magellan’s total FUM actually increased by $0.9 billion despite these outflows.
Pendal Group Ltd (ASX: PDL)
The Pendal share price wasn’t too far behind with a 17.6% gain. The catalyst for this was news that rival Perpetual Limited (ASX: PPT) has made a takeover offer. According to the release, Perpetual put forward a $6.23 per share scrip and cash takeover proposal to acquire the fund manager. This valued Pendal at approximately $2.4 billion.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was on form and charged 12.3% higher. This followed news that the mining and mining services company will increase its lithium production in response to “unprecedented demand.” This went down well with analysts at Bell Potter, which responded by retaining their buy rating and lifting their price target on the company’s shares by 21% to $74.35.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price was a positive performer and raced 12.3% higher. Paladin and other uranium shares were charging higher on Friday after uranium prices hit a decade high. This was driven by sanctions on Russia and news that the UK is planning to build up to eight nuclear reactors.
The post These were the best performers on the ASX 200 last week appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX shares today
- Here are the 3 most heavily traded ASX 200 shares on Friday
- Magellan share price dips as Macquarie tips further outflows
- Bond yields bounce past 3% for the first time since 2015. Here’s how the ASX 200 is responding
- Why are ASX uranium shares having such a stellar end to the week?
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 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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