These were the best performing ASX 200 share last week


The S&P/ASX 200 Index (ASX: XJO) was in fine form last week. Over the period, the benchmark index rose a sizeable 3.3% to finish the week at 7,294.4 points.

While a good number of shares climbed higher with the market, some climbed more than most. Here’s why these were the best performers on the ASX 200 last week:

ARB Corporation Limited (ASX: ARB)

The ARB share price was the best performer on the ASX 200 last week with a gain of 13.9%. Last week the team at Morgan Stanley retained its overweight rating and $56.00 price target on the 4×4 parts manufacturer’s shares. Its analysts believe recent share price weakness has created a buying opportunity for investors.

The Elders share price wasn’t far behind with a 13.8% gain. Investors were buying the agribusiness company’s shares after it released a trading update which revealed that business has been booming during the first half. As a result, management advised that it is expecting its underlying earnings before interest and tax (EBIT) to increase by 20% to 30% in FY 2022.

The Polynovo share price was a strong performer and recorded a 13% gain last week. This was despite there being no meaningful news out of the medical device company. Though, given how its shares are still down 60% over the last 12 months even after this gain, bargain hunters could have been buying shares last week on the belief they had been oversold.

The Hub24 share price was on form and rose 12.3% over the five days. Investors were buying this investment platform provider’s shares amid a rebound in the tech sector last week. It wasn’t just Hub23 rising over the week, the S&P ASX All Technology index rose 6.7% over the period.

Source: Read More

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