These were the best performing shares on the ASX 200 last week

The MYOB Group Ltd (ASX:MYO) share price was one of the best performers on the ASX 200 last week. Here’s why…

| More on:

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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.

More on Share Gainers