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

The WiseTech Global Ltd (ASX:WTC) share price and the Bellamy's Australia Ltd (ASX:BAL) share price were amongst the best performers on the ASX 200 last week. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Last week the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) recorded a 0.5% weekly decline after finishing it at 6175.2 points.

Not all shares on the benchmark index dropped lower during the period. Here's why these four shares were the best performers on the ASX 200 last week:

The WiseTech Global Ltd (ASX: WTC) share price was the best performer on the ASX 200 last week with a gain of 10%. The logistics platform provider's shares have now risen over 22% since February 27. This strong run appears to have been driven by a broker note released that day by Citi. According to the note, the broker upgraded WiseTech Global's shares to a buy rating from neutral with a price target of $21.31.

The Saracen Mineral Holdings Limited (ASX: SAR) share price wasn't far behind with a gain of 8.5% thanks to a rise in the gold price. The majority of Australia's leading gold miners pushed higher last week, leading to the S&P/ASX All Ords Gold index rising 2.2% over the week.

The Bellamy's Australia Ltd (ASX: BAL) share price was a strong performer once again with an 8.2% gain. This gain means the infant formula and baby food company's shares have risen a massive 37% in March. This appears to have been driven by short sellers buying shares to close positions and speculation that the company could soon be granted its SAMR accreditation. The latter will allow the company to finally sell its products on the China mainland once again.

The Perpetual Limited (ASX: PPT) share price had a strong week and climbed 8% during the period. Investors were fighting to get hold of the shares of the fund manager amid speculation that it was the subject of a takeover target. However, when the company was quizzed about the share price rally, it advised that it wasn't aware of the reason behind the buying and suggested it could have been driven by its decision to consider expanding its focus beyond value investing.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »