Thanks to a solid gain on Friday, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) recovered from a selloff on Tuesday to finish the week with a gain of 0.4%.
Four shares that climbed significantly last week are listed below. Here's why they were the best performers on the ASX 200:
The Appen Ltd (ASX: APX) share price was the best performer on the ASX 200 last week with a 25% gain. Investors were fighting to get hold of the shares of the global leader in the development of high-quality, human annotated datasets for machine learning and artificial intelligence after it released a full year result that smashed expectations. In FY 2018 Appen posted a 153% increase in underlying EBITDA to $71.3 million thanks to the successful acquisition of Leapforce, the accelerating AI market, and the high and growing demand for quality training data.
The BINGO Industries Ltd (ASX: BIN) share price wasn't far behind with a gain of 24.5%. The waste management company's shares stormed higher after the ACCC advised that it would not oppose its acquisition of Dial a Dump Industries. The competition watchdog made the decision after accepting a court-enforceable undertaking from BINGO to divest its recycling facility in Banksmeadow, New South Wales. This acquisition is expected to diversify its revenue and be a key driver of long term growth.
The Nanosonics Ltd (ASX: NAN) share price was a strong performer last week with a 15% gain. The infection control specialist impressed the market with a half year result that came in ahead of expectations. In the first half Nanosonics posted record sales of $40.7 million, which was a 36% increase on prior corresponding period and 33% higher than the second half of FY 2018. Operating profit before tax came in at $11 million, up 195% on prior corresponding period. Strong demand for its trophon product was the key driver of its growth.
The Afterpay Touch Group Ltd (ASX: APT) share price recovered from a selloff on Tuesday to finish the week with a gain of 14%. The catalyst for this gain was the conclusion of the Senate inquiry into Credit and Financial Services Targeted at Australians at Risk of Financial Hardship. None of the recommendations that were made are expected to be an issue for the Afterpay platform.
