Last week the S&P/ASX 200 index was back on form and carved out a strong gain. The benchmark index finished the week 69.6 points or 1% higher than where it started it at 6,793.7 points.
Whilst a good number of shares climbed higher, some performed better than most. Here’s why these shares were the best performers on the ASX 200 last week:
The Afterpay Touch Group Ltd (ASX: APT) share price was the best performer on the benchmark index with a gain of 22%. The catalyst for this was yet another impressive business update by the payments company. During the first four months of FY 2020, the company’s global underlying sales reached $2.7 billion. This was a 110% increase on the prior corresponding period. These underlying sales look likely to be given a big boost next year when its newly announced deal with eBay Australia commences.
The Bingo Industries Ltd (ASX: BIN) share price was the next best performer with an impressive 18% gain. Investors were buying the waste management company’s shares following the release of a market update at its annual general meeting. At the event management advised that it expects to report underlying EDITDA in the range of $159 million to $164 million in FY 2020. This will be an increase of 49.9% to 54.5% on the underlying EBITDA of $106.1 million it posted in FY 2019. The strong growth is thanks largely to the benefits of acquisitions.
The Nearmap Ltd (ASX: NEA) share price wasn’t far behind with a gain of 17.1%. The driver of this strong gain was the release of its annual general meeting presentation. At the event the aerial imagery technology and location data company confirmed that its Group annualised contract value (ACV) is expected to be in line with analyst consensus estimates of $116 million to $120 million in FY 2020. This compares to an ACV of $90.2 million in FY 2019.
The GrainCorp Ltd (ASX: GNC) share price was on form last week and surged 14.6% higher over the period. The majority of this gain came on Friday when the Australian Competition and Consumer Commission revealed that it will not oppose the proposed sale of its Australian Bulk Liquid Terminals business to ANZ Terminals. Management believes the sale will release capital and unlock significant value for its shareholders.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. 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.