It was a great week for the S&P/ASX 200 Index (ASX: XJO). The benchmark index stormed 2% or 145.8 points higher to end the period at 7,538.4 points.
While a good number of ASX 200 shares climbed higher with the market, some climbed more than most. Here’s why these were the best performers on the index last week:
Afterpay Ltd (ASX: APT)
The Afterpay share price was the best performer on the ASX 200 last week by some distance with a 36.7% gain. Investors were scrambling to buy the buy now pay later (BNPL) provider’s shares after it received a $39 billion takeover proposal by US payments giant Square. The Afterpay Board is recommending investors accept the offer of 0.375 shares of Square Class A common stock for each Afterpay share they hold. On the day of the offer, this implied a transaction price of approximately $126.21 per Afterpay share. However, due to a rise in the Square share price since announcing the deal, the offer has increased in value.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price was the next best performer with a gain of 18.1% last week. This appears to have been driven by increasingly bullish sentiment in the lithium sector and a positive broker note out of Macquarie. In respect to the latter, Macquarie put an outperform rating and $2.00 price target on the company’s shares. It was pleased with the results of the lithium miner’s battery materials exchange (BMX) auction.
Zip Co Ltd (ASX: Z1P)
The Zip share price wasn’t far behind with a gain of 16% over the five days. Investors were buying the BNPL provider’s shares after the aforementioned acquisition of rival Afterpay by Square. There are hopes that Zip may also receive a takeover approach of its own. Particularly given recent speculation that Klarna has been building a position in the company.
News Corp (ASX: NWS)
The News Corp share price was on form and rose 11.3% last week. The majority of this gain was made on Friday following the release of the media giant’s full year results. According to the release, News Corp reported a 4% increase in revenue to US$9.4 billion and a net profit of US$389 million. The latter compares to a US$1.6 billion net loss in the prior corresponding period.
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 no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. 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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