Despite ending the week on a disappointing note, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) finished it with a weekly gain of 3.6% to 6,071.5 points.
This is the biggest weekly percentage gain that the benchmark index has made in over two years.
While a lot of shares posted strong gains last week, the best performers on the ASX 200 are listed below. Here’s why they stormed higher:
The Viva Energy Group Ltd (ASX: VEA) share price was the best performer on the index last week with a massive 22.5% gain. Investors responded positively to news that supermarket giant Coles Group Ltd (ASX: COL) and Viva Energy have entered into an agreement to restructure the terms of their Fuel and Convenience Alliance. The agreement means that Coles will now receive a commission per litre from Viva Energy based on fuel volumes achieved, whereas Viva Energy will be responsible for setting the retail price of fuel and receive the retail fuel margin.
The IDP Education Ltd (ASX: IEL) share price wasn’t far behind after rocketing 22% higher last week. Investors clearly were impressed with the education services provider’s interim results. In the first half of FY 2019 the company posted an impressive 26% increase in total revenue to $304.3 million and a sizeable 34% lift in net profit after tax to $40.7 million. This was driven by a 19% increase in English Language Testing revenue and a 36% lift in Student Placement revenue.
The Steadfast Group Ltd (ASX: SDF) share price surged 19.5% higher during the period. The general insurance broker and underwriter’s shares stormed higher after escaping any punishments in the Royal Commission final report. Steadfast’s shares had been trading within sight of their 52-week low at the start of the week as investors prepared for the worst.
The Ausdrill Limited (ASX: ASL) share price continued its solid run and jumped a further 14% last week. This latest gain brought the mining services company’s year to date gain to an impressive 22%. Last week Ausdrill announced that its recently acquired Barminco business has been awarded an underground mining services contract at the Rampura Agucha Mine in India from Hindustan Zinc Limited worth approximately $100 million.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended Steadfast Group Ltd. 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.