These were the best performing ASX 200 shares last week

Cleanaway Waste Management Ltd (ASX:CWY) and AMP Ltd (ASX:AMP) shares were among the best performers on the ASX 200 last week…

| More on:
Rising ASX share price represented by investors jumping high in the air

Image source: Getty Images

Last week the S&P/ASX 200 index fought hard and managed to carve out a small gain. The benchmark index finished the week 0.1% higher than where it started it at 7,139 points.

A number of shares on the index performance significantly better last week. Here’s why these were the best ASX 200 performers over the period:

The Cleanaway Waste Management Ltd (ASX: CWY) share price was the best performer on the index last week with a massive gain of 20.3%. Investors were buying the waste management company’s shares after its half year results and guidance for the full year impressed. Cleanaway delivered a 13.7% lift in underlying net profit after tax to $76.2 million in the first half. It expects even stronger growth in the second half.

The AMP Ltd (ASX: AMP) share price was some distance behind as the next best performer with a gain of 12.9%. The financial services company’s shares rocketed higher despite there being no news out of it. However, late in the week AMP revealed a spot of insider buying. It appears as though its directors are confident the company’s transformation strategy will deliver strong results.

The NRW Holdings Limited (ASX: NWH) share price was on form last week and recorded a 12% gain. The catalyst for this was a better than expected half year result and the release of a bullish broker note out of UBS. It was pleased with its performance during the half and believes its outlook is very positive. It also notes that it has a number of potential project awards on the horizon that could boost its earnings growth. The broker slapped a buy rating and $4.00 price target on its shares.

The Viva Energy Group Ltd (ASX: VEA) share price stormed 11.2% higher last week. This follows a positive response to news of a major asset sale. The energy company has agreed to sell its 35.5% holding of Viva Energy Reit Ltd (ASX: VVR) through a fully underwritten block trade to each of Charter Hall Group (ASX: CHC) and Charter Hall Long WALE REIT (ASX: CLW). It will receive $2.66 per share, which equates to a total of $734.3 million. Management expects this to lead to a $112.9 million pre-tax profit.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

More on Share Gainers