It was a disappointing week of trade for the S&P/ASX 200 index last week. Weakness in the banking sector and trade deal doubts led to the benchmark index falling 1.2% over the period to 6709.8 points.
Not all shares tumbled lower last week, though. Here's why these ASX 200 shares were the best performers on the index:
The A2 Milk Company Ltd (ASX: A2M) share price was the best performer on the index last week with a gain of 16.6%. Investors were buying the infant formula and fresh milk company's shares following the release of its annual general meeting update. That update revealed that a2 Milk Company expects first half revenue to be in the range of NZ$780 million to NZ$800 million. This represents growth of 27.2% to 30.5% on the prior corresponding period. Another big positive was management revealing that its EBITDA margins will be stronger than forecast in FY 2020.
The Technology One Limited (ASX: TNE) share price was on form last week and rose 13.3%. The enterprise software company's shares were shooting higher following the release of its full year result. Technology One delivered revenue of $286 million and a profit before tax of $76.4 million. This was up 13% and 50% on the prior corresponding period. Management also spoke positively about its medium term growth potential thanks to its SaaS business.
The Aristocrat Leisure Limited (ASX: ALL) share price jumped 10% higher last week. The catalyst for this was the release of the gaming technology company's full year results. In FY 2019 Aristocrat Leisure posted normalised operating revenue of $4,387.4 million and NPATA of $894.4 million. This was an increase of 22.7% and 22.6%, respectively, on the prior corresponding period. The Americas and Digital segments played a key role in its strong performance in FY 2019.
The Chorus Ltd (ASX: CNU) share price was a strong performer last week, recording a gain of 6.7%. Investors were buying the telco company's shares after the release of the New Zealand Commerce Commission's draft Fibre Input Methodologies Decision. This relates to the design of the planned new regulatory regime for the national Ultrafast Broadband fibre network. Essentially, it lays out the numerous factors that will be used to calculate the revenue cap that Chorus will be subjected to. Investors appear to believe they have been favourable for Chorus.
