A small gain on Friday means the S&P/ASX 200 index finished the shortened week 2% higher than where it started at 6,385.6 points.
Whilst this was undoubtedly a strong gain, a number of shares performed even better. Here's why these shares were the best performers on the benchmark index last week:
The Eclipx Group Ltd (ASX: ECX) share price was the best performer on the ASX 200 last week with a gain of 18.5%. The fleet management company's shares have been on a solid run over the last few weeks despite there being no news out of it. But with its shares down 55% year to date even after last week's gain, it appears as though some investors believe that they are in the bargain bin.
The Bellamy's Australia Ltd (ASX: BAL) share price wasn't far behind with a gain of 16.8%. Investors were fighting to get hold of Bellamy's shares after the infant formula producer announced that it has received SAMR approval for its new formulation-series to be produced at the ViPlus Dairy facility in Toora, Victoria. This is a separate application to Bellamy's existing SAMR application to produce its organic series at Camperdown Powder, which remains in progress.
The Breville Group Ltd (ASX: BRG) share price stormed a further 8.2% higher last week despite there being no news out of the appliance manufacturer. This latest gain means that Breville's shares have now rocketed almost 77% higher since the start of the year. An impressive half year result and management's positive outlook have been the catalysts for this strong return.
The ResMed Inc. (ASX: RMD) share price rose 7.1% last week. Investors appear to have been picking up the sleep treatment-focused medical device company's shares in anticipation of a strong quarterly result next week. ResMed is scheduled to release its third quarter update on Friday morning.
