The S&P/ASX 200 index was on form last week and recorded a 2% gain to finish the period at 6,846 points.
Whilst most shares on the index climbed higher, a few climbed more than most. Here's why these shares were the best performers on the benchmark index last week:
The Bravura Solutions Ltd (ASX: BVS) share price was the best performer on the index last week with a sizeable 25% gain. Investors were buying the fintech company's shares after its trading update revealed that it was on track to achieve its FY 2020 guidance of mid-teen net profit growth. Also supporting its shares was a broker note out of Goldman Sachs. Its analysts upgraded its shares to a buy rating with a $5.06 price target following its update.
The Caltex Australia Limited (ASX: CTX) share price wasn't far behind with a gain of 24.1%. The fuel retailer's shares raced higher after it confirmed the receipt of an unsolicited takeover proposal from Alimentation Couche-Tard. The offer has an indicative cash price of $34.50 cash per share, less any dividends declared by Caltex. The Caltex board is currently considering the offer. It also revealed that it previously rejected a $32.00 per share proposal.
The Virgin Money UK PLC (ASX: VUK) share price was on form last week with a gain of 22.3%. The majority of this gain came at the end of the week following the release of its full year results. Although Virgin Money reported a 7% decline in underlying profit to £539 million, this was in line with expectations. Also supporting its shares was a broker note out of the Macquarie equities desk. It retained its outperform rating and lifted its price target to $3.70.
The Avita Medical Ltd (ASX: AVH) share price rocketed 11.6% higher last week despite there being no news out of the medical technology company. However, it has been a very busy month for the company behind the RECELL System. Earlier this month Avita announced the successful completion of an institutional placement raising $120 million at 59 cents per share. This will be used to fund the pipeline development of new indications and the U.S. growth of its increasingly popular regeneration platform.
