Despite a strong finish to the week, the S&P/ASX 200 Index (ASX: XJO) recorded a sizeable decline last week. The benchmark index fell 1.8% over the five days to 7,075.1 points.
Fortunately, not all shares dropped with the market. Here’s why these were the best performers on the ASX 200 last week:
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price was the best performer on the ASX 200 last week with a whopping 44.4% gain. This was driven by countless announcements revealing that the heavily shorted medical device company’s chairman, David Williams, had bought shares on-market. This may have spooked short sellers into buying shares to close their positions.
Lifestyle Communities Limited (ASX: LIC)
The Lifestyle Communities share price was on form and charged 11.2% higher over the period. This was driven by a positive response from brokers to a trading update. That update revealed that the land lease communities company has reaffirmed its forecast to deliver 1,100 to 1,300 new home settlements and 450 to 550 resale settlements attracting a deferred management fee between FY 2022 and FY 2024. Goldman Sachs responded by reiterating its conviction buy rating and $24.65 price target.
TPG Telecom Ltd (ASX: TPG)
The TPG share price was a positive performer and pushed 8.6% higher last week. This followed a positive reaction to news that the telco has signed a binding agreement to sell 100% of its passive mobile tower and rooftop infrastructure. TPG is selling the infrastructure to OMERS Infrastructure Management for $950 million. These funds are expected to be used by TPG to pay down its existing debt.
IPH Ltd (ASX: IPH)
The IPH share price wasn’t far behind with a 7.4% gain. This was despite there being no news out of the intellectual property services company. This latest gain means the IPH share price is now up by a sizeable 22% over the last 12 months despite the market volatility.
The post These were the best performers on the ASX 200 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. has positions in and has recommended POLYNOVO FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended IPH Ltd. The Motley Fool Australia has recommended IPH Ltd and TPG Telecom Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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