The S&P/ASX 200 Index (ASX: XJO) was on form last week and recorded a very strong gain. The benchmark index finished the period at 5755.7 points, 4.7% higher than where it started it.
While the majority of shares on the index pushed higher last week, some climbed more than most.
Here’s why these were the best performing ASX 200 shares over the period:
The Southern Cross Media Group Ltd (ASX: SXL) share price was the best performer on the index by some distance with a 62% gain. This media company’s shares have been incredibly volatile this month and have regularly been among the worst and best performers. Its share price gain this week was so strong the ASX sent it a price query. Southern Cross advised the stock exchange operator that it could not explain why its shares had risen so much.
The Virgin Money UK (ASX: VUK) share price was the next best performer with a gain of 22.9%. Investors were piling into Virgin Money and other banking shares last week. This appears to have been on the belief that they have been oversold during the pandemic. The big four banks all climbed notably higher last week.
The Boral Limited (ASX: BLD) share price wasn’t far behind with a gain of 21% last week. This was despite there being no news out of the building materials company. But with its shares down significantly from their 52-week high, some investors may believe they had fallen into the bargain bin. Boral’s shares are still down 46% from their high, even after this strong gain.
The Austal Limited (ASX: ASB) share price was a strong performer and rose 20.1% over the period. A good portion of the shipbuilder’s gain came on Friday after it upgraded its FY 2020 guidance. Austal advised that its revenue this year will hit ~$2 billion, while its earnings before interest and tax (EBIT) will be no less than $125 million. As a comparison, the company’s previous guidance was for revenue of at least $1.9 billion and EBIT of no less than $110 million.
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More reading
- Why this ASX 200 share is up 8% and poised for more explosive growth
- Why Afterpay, Austal, Kogan, & Northern Star shares are charging higher
- ASX 200 down 1.2%: Westpac tumbles, Appen reaffirms guidance, Costa CEO to retire
- The best performing ASX 200 stock today may have more room to climb
- 3 ASX 200 shares to buy for a Goldilocks-style bounce back
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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