A positive finish to the week by the banks played a key role in the S&P/ASX 200 index climbing 0.3% last week to finish it at 6,669.2 points.
A number of shares pushed higher, but four that stood out are listed below. Here’s why they were the best performers on the benchmark index last week:
The Sigma Healthcare Ltd (ASX: SIG) share price was the best performer on the ASX 200 index last week with a gain of 12.7%. Investors were buying the pharmacy chain operator and distributor’s shares despite there being no news out of it. But with its shares down heavily over the last couple of years and management recently revealing that it has made significant progress in implementing the program of work to deliver $100+ million efficiency gains, investors may believe now is the time to invest.
The TPG Telecom Ltd (ASX: TPM) share price was a strong performer last week, recording a solid 10.6% gain. Last week the telco company was in court with Vodafone Australia battling to overturn the ACCC’s decision to block their merger. Judging by the share price rise, the market appears to believe there’s a good chance that the telcos will succeed with their appeal.
The Alumina Limited (ASX: AWC) share price wasn’t far behind with a gain of 10.4% last week after an announcement by its joint venture partner Alcoa. The global leader in bauxite, alumina, and aluminium products announced that it plans to implement a new operating model that will result in a leaner, more integrated, operator-centric organisation that accelerates the company’s strategic priorities.
The Adelaide Brighton Ltd (ASX: ABC) share price jumped 10.2% last week. This gain appears to have been driven by bargain hunters swooping in to buy shares after a sharp decline in 2019. The previous week the building materials company’s shares dropped to a multi-year low of $2.85 amid tough trading conditions.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.