Despite its recent share price woes, the IOOF Holdings Ltd (ASX: IFL) share price surged 12.05% to be the top-performing stock within the S&P/ASX200 Index (ASX: XJO) last week.
So what caused the IOOF share price to surge alongside the likes of Bellamy's Australia Ltd (ASX: BAL) and WorleyParsons Ltd (ASX: WOR)?
Why the IOOF share price rocketed higher this week
While the IOOF share price posted steady gains on Monday and Tuesday last week, the biggest factor was the wealth manager's announcement on Thursday which boosted the share price 7.1% higher in one day.
IOOF surprised most in the market on Thursday when it announced a significant increase in net fund inflows from its financial advice, as well as portfolio or estate administration segments.
IOOF reported organic growth in its funds under advice or administration of 5.9% over the last quarter, which translates to $7.5 billion over the past year.
The Aussie wealth manager's share price has been hammered lower in the past 12-18 months with the company receiving a directive from APRA to remove a significant portion of its management team in the wake of the 2018 Financial Services Royal Commission revelations.
What about the Bellamy's and WorleyParsons share prices?
The Bellamy's share price closed the week 11.93% higher at $10.23 per share as the company's share price steadily climbed higher from its $9.11 per share starting point throughout the week.
There were no specific ASX releases from the company other than an after-market announcement on Friday that the Broad Peak Group was becoming a substantial holder of the company with 7,871,732 shares or 6.94% voting power.
If this buying was done steadily throughout the week that would explain some of the higher demand for Bellamy's shares and the capital gains the company posted throughout the week.
The WorleyParsons share price gained 10.97% throughout the week as it too steadily rose to close at $16.09 per share on Friday afternoon.
There were similarly no releases from the company throughout the week, making me wonder if there are investors buying up WorleyParsons shares on the cheap given they remain 8% lower over the last 12 months.
