Last week the S&P/ASX 200 Index (ASX: XJO) recorded its fourth weekly gain in a row. The benchmark index ended the period 1.9% higher than where it started it at 5487.5 points.
While a large portion of shares pushed higher last week, some climbed more than most. Here's why these were the best performers on the ASX 200:
The Afterpay Ltd (ASX: APT) share price was the best performer on the index last week with a massive 31.8% gain. Investors were fighting to buy the payments company's shares after the release of a strong business update. During the third quarter the buy now pay later provider's positive form continued with further strong customer and sales growth. At the end of the quarter, Afterpay's underlying sales reached $7.3 billion year to date. This was a 105% increase on the prior corresponding period. Positively, its losses and income margin remained stable during the quarter despite the coronavirus pandemic.
The Mayne Pharma Group Ltd (ASX: MYX) share price wasn't far behind with a gain of 31.3%. The catalyst for this was news that the pharmaceutical company has submitted a New Drug Application to the US FDA. Mayne Pharma is seeking marketing authorisation for E4/DRSP, a combined oral contraceptive indicated for the prevention of pregnancy. Management notes that US sales of combined hormonal contraceptives are more than US$4 billion per annum.
The Healius Ltd (ASX: HLS) share price was on form last week and recorded a 20.5% gain. This follows the release of a trading update which wasn't as bad as many were expecting. Its medical centres have been less impacted by the pandemic thanks to the introduction of telehealth consultations. This was enough for analysts at Citi to retain their buy rating and $2.75 price target on the healthcare company's shares.
The Southern Cross Media Group Ltd (ASX: SXL) share price bounced back with a 19.2% gain. This appears to have been down to bargain hunters swooping in after its shares were sold off in previous weeks. Earlier this month the struggling media company successfully completed a highly dilutive $149 million institutional placement and entitlement offer. Southern Cross Media raised the funds at a lowly 9 cents per share, which was a long way from its 52-week high of $1.43.
