A positive trading session on Friday led to the benchmark S&P/ASX 200 finishing the period with a weekly gain of 0.3% to 6195.2 points.
A number of shares performed significantly better than the index during the week. Here's why these shares stormed higher:
The Estia Health Ltd (ASX: EHE) share price was the best performer on the ASX 200 last week with a gain of 17%. A number of aged care shares charged higher despite there being no news out of them. Rivals Regis Healthcare Ltd (ASX: REG) and Japara Healthcare Ltd (ASX: JHC) rose 14% and 8.5%, respectively. Investors may believe that the Royal Commission selloff was overdone and has created a buying opportunity. Estia Health's CEO appears to believe that is the case. On Monday a change of director's interest notice revealed that Ian Thorley picked up 50,000 fully paid ordinary shares for $2.42 per share through an on-market trade.
The Nanosonics Ltd (ASX: NAN) share price continued its impressive run with a gain of 9% last week. The shares of the infection control specialist behind the popular trophon EPR ultrasound probe disinfection system hit an all-time high of $4.58 on Friday. Investors have been buying shares since the release of an impressive half year result last month. One broker that was impressed as well was Morgans. Following the release of its first half result, Morgans retained its add rating and lifted the price target on Nanosonics' shares to $4.55.
The Aristocrat Leisure Limited (ASX: ALL) share price rose 7% last week. This appears to have been driven by a positive broker note out of Deutsche Bank the previous week. According to the note, the broker believes that the recent update by rival IGT is supportive of its view that the U.S. gaming market is stable and that Aristocrat Leisure has continued to win market share. In addition to this, it noted that its shares were trading significantly lower than its target price, offering investors a lot of value. Deutsche has a $39.75 price target on Aristocrat Leisure's shares.
The Corporate Travel Management Ltd (ASX: CTD) share price finished the week with a 6.5% gain. Investors were scrambling to buy the corporate travel specialist's shares following the release of an investor update. According to the release, Corporate Travel Management is tracking towards the top end of its full year underlying EBITDA guidance. It expects to achieve EBITDA of $150 million in FY 2019, up 20% on the prior corresponding period.
