A solid gain on Friday was not enough to take the S&P/ASX 200 index higher for the week. The benchmark index ended the period around 0.2% lower than where it started it at 6,716.1 points.
Not all shares dropped lower with the index. Here's why these shares were the best performers on the benchmark index last week:
The Afterpay Touch Group Ltd (ASX: APT) share price was the best performer on the ASX 200 index last week with a gain of 10.7%. Investors were scrambling to get hold of the payments company's shares after the release of a positive update on its dealings with AUSTRAC and a bullish broker note out of Goldman Sachs. According to the note, its analysts upgraded its shares to a buy rating, added them to their conviction list, and increased the price target on them to $42.90. The broker has been impressed with its frequency of use and believes it is driving stronger than expected operating leverage.
The IDP Education Ltd (ASX: IEL) share price wasn't far behind with a gain of 9.6% last week despite there being no news out of the student placement and language testing company. However, its shares had come under a spot of pressure recently from profit-taking. I suspect that some investors felt this was a buying opportunity.
The Premier Investments Limited (ASX: PMV) share price continued its positive run and climbed a further 8.2%. This means the retailer's shares have now risen by an impressive 32.3% over the last 30 days. Investors were fighting to buy the retailer's shares last week following the release of its full year results the previous week. In FY 2019 Premier Investments delivered a 7.5% increase in total global sales to a record of $1.27 billion and a 27.7% lift in reported net profit after tax to $106.8 million. This was driven by strong growth across a number of its brands and its online business. Management also spoke positively about its new Smiggle wholesale strategy and sees a significant growth opportunity for the key brand.
The IOOF Holdings Limited (ASX: IFL) share price was a positive performer for a second week in a row with a gain of 8%. This latest gain has taken the financial services company's monthly gain to a massive 34.5%. Last week's gain appears to have been driven by a broker note out of Macquarie on Monday. According to the note, the broker upgraded its shares to an outperform rating with a $7.00 price target. It made the move after the Federal Court held that IOOF's APRA regulated entities and five individuals did not contravene the Superannuation Industry Act.
