Despite a disappointing end to the week, the S&P/ASX 200 index posted a weekly gain of 1.5% to finish it at 6,650.8 points.
Whilst this was a very strong gain once again, a number of shares performed even better. Here's why these shares were the best performers on the benchmark index last week:
The Emeco Holdings Limited (ASX: EHL) share price was the best performer on the ASX 200 last week with a gain of almost 25%. Investors have been buying the shares of the leading provider of equipment leasing to the earthmoving industry following a very positive trading update a week earlier. That update revealed that Emeco has continued to experience strong demand for its services and expects to deliver operating EBITDA in the range of $211 million to $213 million in FY 2019. This will be an increase of almost 40% on FY 2018's result.
The Nanosonics Ltd (ASX: NAN) share price was the next best performer with a gain of almost 17%. The infection control specialist's shares were on fire last week after being recommended by a fund manager the previous weekend. However, one broker that believes its shares may have peaked is Morgans. According to a note, last week the broker downgraded Nanosonics' shares to a hold rating with an improved price target of $4.99. It made the move on valuation grounds after a strong rally which has seen its shares close the week at $5.75.
The News Corp (ASX: NWS) share price wasn't far behind with a gain of just under 15%. Investors responded positively to the media company's plans to offload its News America Marketing business as part of its aim to simplify its structure and enhance shareholder value. News Corp believes the potential sale would allow it to focus on its two core pillars – premium news content and digital real estate services.
The Nearmap Ltd (ASX: NEA) share price continued its impressive run and zoomed a further 14.5% higher last week. The catalyst for this latest gain was a broker note out of the Macquarie equities desk last week. According to the note, the broker has initiated coverage on the aerial imagery technology and location data company's shares with an outperform rating and $4.22 price target. Its analysts believe there is a $3 billion opportunity for Nearmap in its existing markets.
