Although it dropped lower on Friday, last week was a very positive one for the S&P/ASX 200 index. Over the period the benchmark index gained 93.1 points or 1.4% to finish it at 6793.4 points.
Four shares that performed even better are listed below. Here's why they were the best-performers on the ASX 200 last week:
The IOOF Holdings Limited (ASX: IFL) share price was the best-performer on the benchmark index last week with a gain of 12.1%. The catalyst for this was a better than expected funds update. According to the release, at the end of the June quarter the company's funds under management, advice and administration (FUMA) reached $149.5 billion. This was an increase of 18.7% or $23.6 billion compared to prior year. FUMA was up 5.9% or $7.5 billion excluding the ANZ Wealth acquisition.
The Bellamy's Australia Ltd (ASX: BAL) share price was just a touch behind with a gain of 12% last week despite there being no news out of the infant formula company. However, with its shares down significantly in recent months, it looks as though some investors may believe that they are undervalued now. Bellamy's shares charged higher despite analysts at Morgans warning that it could be a company that disappoints during earnings season.
The Worleyparsons Limited (ASX: WOR) share price stormed 11% higher last week. With no news out of the engineering company, this strong gain could have been driven by a recommendation by L1. It notes that its shares are "trading on a P/E of only ~12x FY21 EPS (once the majority of the synergies of the ECR acquisition flow through). This is a material discount to its historical average P/E of 17.5x and its P/E pre the ECR deal announcement of around 20x."
The Mineral Resources Limited (ASX: MIN) share price was a strong performer last week with a gain of 10.85%. The mining and mining services company's shares raced higher after it confirmed that unconditional approval has been obtained from the China State Administration for Market Regulation (SAMR) for the transaction between it and lithium giant Albemarle.
