It may have been a short one, but it was a very eventful week for the S&P/ASX 200 Index (ASX: XJO) last week. The benchmark index had a number of ups and downs before ultimately finishing the period with a 0.5% weekly decline to 7,435 points.
Fortunately, not all shares dropped with the market. Here’s why these were the best performers on the ASX 200 last week:
City Chic Collective Ltd (ASX: CCX)
The City Chic share price was the best performer on the ASX 200 last week with a 12.4% gain. Investors were buying the plus sized fashion retailer’s shares following the release of its second half trading update. According to the release, as of 24 April, City Chic’s second half sales were up 25% year on year. This builds on its first half sales growth of 46%.
The Nickel Mines share price was a strong performer and rose 10.9% over the four days. This was driven by the release of a quarterly update which revealed a number of record metrics. This includes record quarterly EBITDA from operations of US$81.7 million, which is an increase of 18.7% on the December quarter. Nickel Mines’ result was underpinned by a 22.5% quarter on quarter increase in the price of its nickel to US$7,386 per tonne.
The AMP share price had a positive week and stormed 9.4% higher over the period. Investors were buying the financial services company’s shares after it announced an agreement to sell its international infrastructure equity business to DigitalBridge for up to A$699 million. This follows recent agreements to sell its domestic infrastructure equity and real estate business and its infrastructure debt platform. AMP is planning to return the majority of the proceeds to shareholders.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price was some way behind with a gain of 5.5% last week. The catalyst for this was the release of the copper producer’s quarterly update. That update revealed strong production, sales, and earnings thanks largely to the transformational acquisition of MATSA. This acquisition, which completed on February 1, contributed operating EBITDA of US$98.6 million during the quarter. This compares to overall EBITDA of US$186.9 million.
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