It was a very positive week for the Australian share market last week thanks to a series of positive results and improving investor sentiment. This ultimately led to the S&P/ASX 200 index rising 117.6 points or 1.8% to end it at 6614.3 points.
A number of shares performed even better than the index last week and recorded very strong gains. Here's why they were the best performers:
The McMillan Shakespeare Limited (ASX: MMS) share price was the best performer on the index last week with a gain of 30.6%. Investors were buying the salary packaging company's shares despite it posting a 5% decline in UNPATA to $88.7 million in FY 2019. It appears as though this wasn't as bad as some investors had feared. In addition to this, I suspect the announcement of an $80 million off-market buy-back could have gone down well with shareholders.
The WiseTech Global Ltd (ASX: WTC) share price was an impressive performer last week with a massive 24.5% gain. Investors were scrambling to get hold of the logistics solutions company's shares after the release of a strong full year result. WiseTech Global posted a 57% increase in total revenue to $348.3 million and a 33% lift in net profit after tax to $54.1 million. The strong form is expected to continue in FY 2020 with management providing guidance for revenue growth of 26% to 32% and EBITDA growth of 34% to 42%.
The Lendlease Group (ASX: LLC) share price wasn't far behind with a gain of 23.1% last week. Its shares raced higher following the release of a better than expected full year result. The international property and infrastructure group reported a 41% decline in full year net profit after tax to $467 million, whereas the market had expected a profit of $425 million.
The Beach Energy Ltd (ASX: BPT) share price stormed an impressive 23% higher last week. The energy producer's shares were in high demand following the release of a solid full year result. Beach reported a 55% increase in production to 29.4 MMboe and an 86% lift in underlying net profit after tax to $560 million. Management also advised that it expects a similar level of production in FY 2020 and then production of 34 to 40 MMboe within five years. The latter is up from its prior guidance of 30 to 36 MMboe.
