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.