Despite a few wobbles last week, the S&P/ASX 200 index managed to carve out a solid gain. The benchmark index finished the period 55 points or 0.8% higher at 6724.1 points.
Whilst a good number of shares pushed higher, some climbed more than most. Here’s why these were the best performing shares on the index last week:
The NRW Holdings Limited (ASX: NWH) share price was the best performer on the index last week with a gain of 16.4%. The catalyst for this was media speculation suggesting it was interested in acquiring BGC Contracting. NRW went on to confirm that it has been selected as the preferred bidder in the sale of BGC Contracting. It believes there is significant merit in acquiring the company.
The Galaxy Resources Limited (ASX: GXY) share price was on form again last week with a gain of 12.3%. Investors have been buying the lithium miners after protests in Chile impacted lithium operations. Members of indigenous communities around Chile’s Atacama salt flats are believed to have blocked access to the lithium operations of SQM and Albermarle in the region. According to Reuters, this has led to lithium exports in Chile falling 9% in October.
The Adelaide Brighton Ltd (ASX: ABC) share price wasn’t far behind with a gain of 11.6%. This gain may have been due to a note out of UBS last week. Its analysts upgraded its shares to a neutral rating on the belief that the risks around it missing its earnings guidance are easing. This is due to a rise in house prices and building approvals. Industry peer Fletcher Building Limited (ASX: FBU) was also on form last week, recording a 10.6% gain.
The Corporate Travel Management Ltd (ASX: CTD) share price was a strong performer last week with a gain of 10.4%. The corporate travel specialist’s shares raced higher following the release of a trading update. Although trading conditions have been tough, the company reiterated its full year guidance. It expects to deliver underlying EBITDA of between $165 million and $175 million in FY 2020. This will mean growth of approximately 10% to 16.5% on the prior year.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. 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.