After a strong start to the shortened week, the S&P/ASX 200 Index (ASX: XJO) gave back its gains and more to end notably lower. The benchmark index fell 2.5% over the period to 5847.8 points.
Not all shares tumbled lower last week. Here’s why these ASX 200 shares defied the market weakness and stormed higher:
The IPH Ltd (ASX: IPH) share price was the best performer on the ASX 200 last week with a gain of 6.6%. This follows the announcement of its acquisition of New Zealand intellectual property firm Baldwins Intellectual Property. IPH will be paying approximately NZ$7.9 million, including deferred consideration of NZ$0.4 million. Baldwins’ FY 2020 EBITDA after normalisation adjustments for partner salaries was approximately NZ$2 million. This news went down well with analysts at Morgans. They upgraded the company’s shares to an add rating with an $8.69 price target
The Mineral Resources Limited (ASX: MIN) share price was some way behind with a gain of 3.8% over the period. This was despite there being no news out of the miner and mining services company. However, given its exposure to iron ore, investors may believe it is well-positioned to profit from the high prices of the steel making ingredient.
The Coca-Cola Amatil Ltd (ASX: CCL) share price was on form last week with a 3.75% gain. Last week the beverage giant held a conference call with analysts at Goldman Sachs. That call revealed that trading conditions remain tough because of the pandemic. And while this led to Goldman retaining its neutral rating, its price target of $9.50 implied decent upside for its shares. This could have been enough for some investors to invest.
The Newcrest Mining Limited (ASX: NCM) share price wasn’t far behind with a gain of 3.6%. This appears to have been driven by the combination of a rise in the gold price and an exploration update. In respect to the latter, the gold miner revealed positive drilling results at Havieron and Red Chris orebodies. Management notes that Havieron returned its best drill result to date and sees real potential to further expand this orebody.
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