Last week the release of better than expected economic data out of the United States appeared to reduce the likelihood of aggressive monetary policy by the Federal Reserve and weighed on global share markets.
This led to the S&P/ASX 200 index falling 54.8 points or 0.8% to finish the week at 6696.5 points.
Not all shares fell with the index, though. The four shares listed below were on form last week and were the best performers on the benchmark index. Here’s why:
The Breville Group Ltd (ASX: BRG) share price was the best-performer on the S&P/ASX 200 index last week with a gain of 12%. The appliance maker’s shares launched higher despite there being no news or broker notes that I’m aware of. This latest gain means that the Breville share price has now stormed a remarkable 73% since the start of the year. A strong half year result and its successful expansion in Europe has largely been behind the rise.
The A2 Milk Company Ltd (ASX: A2M) share price wasn’t far behind with a gain of 10.6%. The fresh milk and infant formula company’s shares were given a boost last week when analysts at UBS upgraded them to a buy rating from neutral. The broker also lifted the price target on its shares to NZ$17.50 (A$16.68). UBS is positive on the company due to its strong position in the world’s largest infant milk formula market.
The WiseTech Global Ltd (ASX: WTC) share price was a strong performer, gaining a solid 9.8% last week. The logistics solutions company’s shares charged higher even though there was no news out of it. However, a number of Australia’s leading tech shares pushed higher after solid gains were made on the technology-focused Nasdaq index. U.S. tech shares rose after trade talks were held between the U.S. and China.
The Resolute Mining Limited (ASX: RSG) share price was on form with a 9.5% gain last week. As well as benefiting from a rise in the gold price, Resolute’s shares were boosted by news that analysts at Goldman Sachs upgraded them to a buy rating from neutral with a $1.60 price target. According to the note, the broker felt its shares were cheap at 0.88x NAV and 3.5x EV/EBITDA.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of WiseTech Global. The Motley Fool Australia owns shares of A2 Milk. 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.