The S&P/ASX 200 Index (ASX: XJO) ended the final week of 2020 in a disappointing fashion. The benchmark index lost 1.2% of its value to finish at 6,587.1 points.
While a good number of shares dropped lower, some managed to defy the market weakness and push higher. Here’s why these were the best performers on the ASX 200 last week:
Omni Bridgeway Ltd (ASX: OBL)
The Omni Bridgeway share price was the best performer on the ASX 200 last week with a 10.8% gain. This may have been driven by a recent broker note out of Goldman Sachs. Its analysts are very bullish on the dispute resolution finance company and recently put a conviction buy rating and lofty $5.50 price target on its shares. This compares to the latest Omni Bridgeway share price of $4.30.
Sims Ltd (ASX: SGM)
The Sims share price was some way behind as the next best performer with a 5.1% gain. This was despite there being no news out of the scrap metal company. At one stage last week the company’s shares hit a two-year high. This is despite China no longer accepting scrap metal shipments from abroad as of 1 January.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was on form and charged 4.6% higher last week. This stretched its annual gain to over 125%. Investors have been buying the mining and mining services company due to its exposure to two of the hottest commodities around at the moment – iron ore and lithium. They appear to believe the company is well-placed to deliver a very strong result in FY 2021.
A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price continued its recovery and pushed 4.6% higher last week. This means the infant formula and fresh milk company’s shares have now rebounded by around 15% from their December low. Investors sold off the company’s shares last month after it was forced to downgrade its earnings guidance due to weakness in the daigou channel.
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Returns as of 6th October 2020
More reading
- The 5 best performing ASX 200 shares of 2020
- 3 top ASX share picks for 2021 from NZ brokers
- Why the A2 Milk (ASX:A2M) share price is down 18.5% in 2020
- ASX 200 drops lower
- Why these 3 ASX shares smashed it in 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk. 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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