Why IOOF and 2 others were the best performing ASX200 stocks last week

Why the IOOF Holdings Ltd (ASX: IFL), Bellamy's Australia (ASX: BAL) and WorleyParsons Ltd (ASX: WOR) outperformed their S&P/ASX200 peers last week.

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Bellamy's Australia. 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.

More on Share Gainers

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »