The S&P/ASX 200 index continued its impressive form last week with a sizeable 2% gain to 6751.3 points. This left the benchmark index just a touch over 77 points away from its record close.
Whilst the majority of shares on the index pushed higher last week, some climbed more than most. Here’s why these shares were the best-performers over the period:
The Eclipx Group Ltd (ASX: ECX) share price was the best-performer on the S&P/ASX 200 index last week with a gain of 18.3%. All of this gain came on Friday when the fleet management company announced the sale of its GraysOnline and AreYouSelling businesses to Quadrant Private Equity for $60 million. The transaction also includes a distribution arrangement which allows Eclipx to continue to benefit from the utilisation of Grays Auto as one of its channels for the disposal of end of lease vehicles. The transaction is expected to complete on July 31, subject to a number of conditions including FIRB approval.
The Nufarm Limited (ASX: NUF) share price stormed 12.2% higher last week. This strong gain was driven by speculation that the struggling crop protection and specialist seeds company could be a takeover target. According to the Australian, Nufarm is understood to have drafted in JPMorgan and UBS as advisers after it was approached by a US-based private equity firm. However, no formal approaches are believed to have been made.
The CSR Limited (ASX: CSR) share price wasn’t far behind with a solid 10.2% gain. Last week the manufacturer and supplier of building products revealed a plan to consolidate five brick manufacturing sites in Western Sydney into one at Badgery’s Creek. Doing so is expected to create surplus property which is estimated to be worth $600 million. This led to analysts at Macquarie giving its shares an outperform rating with a $4.70 price target.
The Vicinity Centres (ASX: VCX) share price was a strong performer last week with a gain of 9.8%. A number of REITs pushed higher last week due to increasing demand for dividend shares from income investors following the cash rate cut. In addition to this, investors appear to have responded positively to reports that Vicinity Centres is taking an active role in developing The Glen shopping mall in an effort to curb the negative impact that online shopping has had on retailers.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.