The S&P/ASX 200 index gave back the strong gains it made on Wednesday to finish the week 0.8% lower at 6335.8 points.
Four shares that didn't let that hold them back are listed below. Here's why they were the best performers on the index last week:
The Afterpay Touch Group Ltd (ASX: APT) share price was a strong performer once again with a gain of 16.1% last week. The payments company rose strongly on Friday after it announced the signing of a US$300 million receivables funding facility with Citi which will support the expansion of its U.S. business. According to the release, this receivables funding facility will support in excess of US$4 billion in annual underlying sales in the massive U.S. market.
The Orocobre Limited (ASX: ORE) share price was the next best performer on the ASX 200 with a gain of 12.4%. Investors were fighting to get hold of the lithium miners last week after Wesfarmers Ltd (ASX: WES) announced a takeover approach of Western Australia-based Kidman Resources Ltd (ASX: KDR). Not far behind was the Pilbara Minerals Ltd (ASX: PLS) share price which surged 9.9% higher for the same reason.
The ResMed Inc. (ASX: RMD) share price jumped almost 12% higher last week thanks largely to the release of a strong third quarter result on Friday. The sleep treatment specialist posted quarterly revenue of $662 million, which was a 12% increase on the prior corresponding period or 15% on a constant currency basis. This was driven by top line revenue growth across all areas of its business.
The HUB24 Ltd (ASX: HUB) share price pushed 9% higher last week despite there being no news out of the investment platform provider. In fact, not even a bearish broker note out of Macquarie was able to stop its shares racing higher. According to the note, the broker has an underperform rating and lowly $10.47 price target on its shares. Macquarie believes margin pressure will impact its earnings growth in the medium term.
