Last week the S&P/ASX 200 index returned from the long weekend in style. Over the period the benchmark index carved out a gain of 1.7% to climb to 6,554 points.
Whilst this was an impressive gain, a number of shares on the index performed even better. Here's why these shares were the best-performers on the ASX 200 last week:
Vocus receives another takeover approach.
The Vocus Group Ltd (ASX: VOC) share price was the best performer on the ASX 200 last week with a gain of 13.8%. The telco company's shares surged higher after it received a takeover offer from AGL Energy Limited (ASX: AGL). The energy retailer has made a non-binding, indicative proposal to acquire Vocus for $4.85 per share. It believes the acquisition could create material shareholder value and drive customer loyalty.
Ausdrill rebounds strongly.
The Ausdrill Limited (ASX: ASL) share price wasn't far behind with a gain of 13.2% last week. A week earlier the mining services company's shares came under pressure after announcing an impairment of up to $95 million in full year results. One broker that appears to believe this share price weakness was a buying opportunity is Deutsche Bank. It recently rated Ausdrill as a buy with a $2.04 price target. This price target implies potential upside of 36%.
Bingo out of the dumps.
The Bingo Industries Ltd (ASX: BIN) share price was a strong performer last week with a gain of 12.8% despite there being no news out of the waste management company. I suspect that bargain hunters may have swooped in to pick up shares after a sizeable decline year to date. Its shares were sold off in February after reporting a faster than expected softening in multi-dwelling residential construction activity across its key markets. Since then the company has completed the acquisition of Dial a Dump Industries, which is expected to give it some much-needed diversification and enhanced growth opportunities.
Broker note sends Nearmap higher.
The Nearmap Ltd (ASX: NEA) share price was a strong performer again last week with a gain of 12.2%. The catalyst for this gain appears to have been a positive broker note out of Morgan Stanley. According to the note, the broker has retained its overweight rating and $4.20 price target on the aerial imagery technology and location data company's shares following the launch of new products. The broker noted that previous product launches have generated a meaningful increase in demand for its services.
