It certainly was a great week for the S&P/ASX 200 Index (ASX: XJO). Over the period the benchmark index gained an impressive 6.95% to end it at 5,387.3 points.
Whilst the majority of shares on the index charged higher, some climbed more than most. Here's why these were the best performers on the ASX 200 last week:
The Perenti Global Ltd (ASX: PRN) share price was the best performer on the index last week with a 37.7% gain. The vast majority of this gain came on Thursday when its shares raced 28% higher despite there being no news out of the mining services company. However, its shares were down by over 50% year to date prior to this week. Some investors may believe its shares were oversold.
The Credit Corp Group Limited (ASX: CCP) share price wasn't far behind with a gain of 31.8%. Once again, this was despite there being no news out of the debt collector. But as with Perenti, Credit Corp's shares had been hammered during the coronavirus pandemic. At the start of last week its shares were down 67% from the 52-week high they reached in February.
The Vicinity Centres (ASX: VCX) share price was back on form last week and jumped 31.2% higher. A number of REITs charged higher last week after being sold off in March. The catalyst for this appears to have been a broker note out of Ord Minnett. Its analysts upgraded Vicinity's shares to an accumulate rating on valuation grounds. The Scentre Group (ASX: SCG) share price was also on form with a 29.2% gain. Morgan Stanley upgraded its shares to an overweight rating with a $2.20 price target.
The Flight Centre Travel Group Ltd (ASX: FLT) share price were on form and raced 29.6% higher last week. The travel agent's shares returned from a suspension after it completed its institutional placement and entitlement offer. Flight Centre raised a total of $562 million at $7.20 per new share. These funds were raised to see it through the tough trading conditions caused by the coronavirus crisis. The company also revealed that it would close a large number of stores and expects its monthly operating costs to reduce materially to $65 million a month.
