A strong finish to the week led to the S&P/ASX 200 Index (ASX: XJO) recording its second successive weekly gain. The benchmark index rose 0.5% to end the period at 7,182.7 points.
While a good number of shares rose with the market, some climbed more than most. Here’s why these were the best performers on the ASX 200 last week:
Codan Limited (ASX: CDA)
The Codan share price was the best performer on the ASX 200 last week with a 16.6% gain. Investors were scrambling to buy this technology company’s shares following the release of its guidance for FY 2022. Codan revealed that it expects to match its record first-half profit in the second half, which would mean a record full-year profit of $100 million. This will be a 56% increase year on year.
Pointsbet Holdings Ltd (ASX: PBH)
The PointsBet share price wasn’t far behind with a 12.8% gain. This was despite the tech sector sinking last week. All the sports betting company’s gain came on Friday despite there being no news out of it. Though, some investors may believe it would be an attractive takeover target amid increased M&A activity in the tech sector.
Allkem Ltd (ASX: AKE)
The Allkem share price was on form and charged 7.4% higher over the five days. A number of lithium shares charged higher last week. This was possibly due to strong pricing from a rival’s latest lithium auction. In addition, there is optimism that lithium demand will continue to outstrip supply for some time to come. This could lead to lithium prices remaining higher for longer.
Virgin Money UK (ASX: VUK)
The Virgin Money UK share price was a positive performer and rose 6.7% during the week. This follows an equally strong gain by the UK-based bank’s London-listed shares. While there was no news out of Virgin Money UK, a strong from JP Morgan on Wall Street may have boosted investor sentiment.
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 positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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