The S&P/ASX 200 index managed to fight back from a selloff at the start of the week to edge ever so slightly higher last week. The benchmark index rose 5.4 points or 0.1% to finish it at 7022.6 points.
A number of shares climbed notably more than the index over the period. Here’s why they were the best performers on the ASX 200 last week:
Pinnacle Investment Management Group Ltd (ASX: PNI)
The Pinnacle share price was the best performer on the benchmark index last week with a sizeable 20.3% gain. The catalyst for this was the release of the investment management company’s half year result. For the six months ended December 31, Pinnacle reported a first half profit of $13.8 million. This was an impressive 36.6% increase on the prior corresponding period.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price was on form last week with a gain of 14.1%. This was despite there being no news out of the horticulture company. However, last week analysts at UBS spoke positively about pricing trends in the wholesale market in January. The broker believes this means the risk of Costa falling short of its 2020 guidance is reducing. In light of this, it has retained its buy rating and $3.25 price target.
Nearmap Ltd (ASX: NEA)
The Nearmap share price bounced back with a 13.9% gain last week. This is likely to be down to bargain hunters swooping in after its sharp decline a week earlier. That was caused by a surprise guidance downgrade following the loss of a big contract and two churn/downgrade events. In addition to this, a broker note out of Macquarie may have given its shares a boost. Its analysts have retained their outperform rating, albeit with a reduced price target of $3.10. This is notably higher than its last trade price of $1.93.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price stormed a sizeable 11.7% higher last week. This was despite there being no news or broker notes that I’m aware of. However, its shares are down materially over the last few months following a short seller attack. Investors may have been buying them on the belief that a strong half year update this month could send short sellers to the exits and its share price hurtling higher.
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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 WiseTech Global. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO and 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.