A solid gain on Friday meant the S&P/ASX 200 Index finished the week with a gain of 1.1% or 70 points.
Whilst this was a solid gain, some shares on the index performed even better. Here’s why the four shares listed below were the best performers on the index last week:
The Crown Resorts Ltd (ASX: CWN) share price was the joint-best performer on the ASX 200 last week with a gain of 11.2%. The casino and resorts operator’s shares stormed higher after it confirmed that it has been in discussions with Wynn Resorts in relation to a takeover. However, the U.S. giant terminated talks after the takeover details leaked, casting doubt on a deal being made. Though, there is speculation that Wynn Resorts will return with another offer.
The Ardent Leisure Ltd (ASX: ALG) share price was also a strong performer last week with a gain of 11.2%. The entertainment company’s shares have been extremely volatile lately and were amongst the worst performers on the benchmark index a week earlier. It appears as though the market can’t decide whether the company has moved on fully from the Dreamworld tragedy yet.
The Seven Group Holdings Ltd (ASX: SVW) share price wasn’t far behind with a gain of 9.4% despite there being no news out of the diversified operating and investment company. Investors may believe that recent commodity price movements have positioned its WesTrac business well for strong profit growth in FY 2019. One broker that is bullish on Seven is UBS. Last month it slapped a buy rating and $22.20 price target on its shares. Even after last week’s strong gain, this still implies potential upside of almost 23%.
The Appen Ltd (ASX: APX) share price rebounded from a sizeable decline at the end of the previous week with a solid 8.8% gain last week. This latest gain means the market darling’s shares are trading within sight of their all-time high and up a massive 91% since the start of the year. An impressive full year result and a major acquisition have been the drivers for its strong gain in 2019.
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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 and has recommended Crown Resorts Limited. The Motley Fool Australia owns shares of Appen 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.