The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) returned to form last week and pushed an impressive 4% higher.
While the majority of shares on the benchmark index recorded gains last week, some shares stood out with notably strong gains.
The three best performing shares on the ASX 200 last week are listed below, here’s why they stormed higher:
The MYOB Group Ltd (ASX: MYO) share price was the best performer on the ASX 200 last week with a 16% gain. MYOB’s shares surged higher after it announced that it has entered into a Scheme Implementation Agreement under which private equity firm KKR will acquire all the shares in MYOB it does not already own by way of scheme of arrangement for $3.40 per share. MYOB has also agreed ‘go shop’ provisions that allows it to solicit competing proposals until February 22.
The Ausdrill Limited (ASX: ASL) share price was the next best performer on the benchmark index last week with an 11% gain. With no news out of the mining services company, it appears that this gain was driven by bargain hunters snapping up shares after they fell to two-year lows the week before. Ausdrill’s shares have been on the decline since it announced the acquisition of Barminco and the loss of a mining contract at the Edikan gold mine in August.
The IOOF Holdings Limited (ASX: IFL) share price pushed 10% higher last week. The embattled financial services company’s shares have been on the rise since it advised that it has agreed a formal plan and target completion dates for the remediation of issues raised by APRA. IOOF also announced the appointment of an acting chairman and CEO after its prior executives stepped aside whilst the business attempts to work through the regulator’s demands. Despite last week’s solid gain, the IOOF share price is still down a massive 52% since the start of the year.