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.
5 stocks under $5
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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 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.
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