The S&P/ASX 200 Index (ASX: XJO) was out of form last week and sank materially lower after coronavirus concerns escalated further.
The benchmark index fell a disappointing 10.9% over the week. Though, this would have been significantly worse had the market not rebounded incredibly strongly on Friday.
Not all shares tumbled lower last week. Here's why these ASX 200 shares were the best performers on the index:
Xero Limited (ASX: XRO)
The Xero share price was the best performer on the index last week with a 6.9% gain. This was despite there being no news out of the business and accounting software provider. However, at the start of the week its shares were down 17% from their 52-week high. Some investors may believe they had been oversold and were trading at an attractive level given its strong long-term growth potential.
Cochlear Limited (ASX: COH)
The Cochlear share price was up 5.4% over the period. This was the result of an incredible finish to the week for the hearing solutions company. At one stage on Friday its shares were down 5.5% to $168.56, before ending the day 21% higher at $216.11. This may be down to analysts at Macquarie retaining their outperform rating on the company's shares. Although the broker acknowledges the near-term uncertainty caused by COVID-19, it believes Cochlear has the potential to win market share after a product recall by rival Sonovo.
Costa Group Holdings Ltd (ASX: CGC)
The Costa Group share price was on form and climbed 5.4% higher. This may have been driven by the release of a reasonably positive broker note. Last week analysts at Citi retained their neutral rating and $3.20 price target on the horticulture company's shares. Although only a neutral rating, its price target was notably higher than its share price at the start of the week.
Coles Group Ltd (ASX: COL)
The Coles share price carved out a 2.2% gain last week. Investors are likely to have been buying the supermarket giant's shares last week thanks to its defensive qualities during volatile markets. In addition to this, analysts at Macquarie retained their outperform rating and a $17.20 target on its shares. The broker believes there is limited risk to the Coles business from the coronavirus outbreak.
