These were the best performing ASX 200 shares last week

Afterpay Ltd (ASX:APT) and Nearmap Ltd (ASX:NEA) shares were among the best performers on the ASX 200 last week. Here's why…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) was back on form last week and charged notably higher. The benchmark index climbed a total of 153.8 points or 2.6% to end the period at 6057.9 points.

A good number of shares climbed higher with the market. However, a few stood out with particularly strong gains. Here's why these were the best performers on the ASX 200 last week:

The Afterpay Ltd (ASX: APT) share price was the best performer on the ASX 200 last week with an 18.4% gain. Investors were buying the payments company's shares thanks partly to a broker note out of Citi. Although its analysts have retained their neutral rating, they have more than doubled their price target to $64.25 from $27.10. The broker made the move after upgrading its earnings estimates materially. This was in response to Afterpay's impressive growth in the UK and United States and its belief that it will benefit from the acceleration in the shift to online shopping.

The Nearmap Ltd (ASX: NEA) share price wasn't far behind with a 17.5% gain. A positive broker note released last week could also have played a role in this strong gain. A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and lifted their price target to $2.47. Macquarie appears impressed with the aerial imagery and location data technology company's performance during the pandemic. Nearmap recently confirmed that it is on track to achieve its FY 2020 guidance.

The NEXTDC Ltd (ASX: NXT) share price was a strong performer and jumped 14.6% last week. Investors were buying the data centre operator's shares after it announced major new contract wins in New South Wales. According to the release, NEXTDC's contracted commitments at its New South Wales data centre facilities have now increased by approximately 4MW, to more than 36MW. And including expansion options, its data centres in the state are now approaching a sizeable 60MW. This is more than the total capacity of its S1 and S2 data centres.

The Domain Holdings Australia Ltd (ASX: DHG) share price was on form and surged 14.3% higher last week. This was despite there being no news out of the property listings company last week. The Domain share price has now more than doubled in value since dropping to a 52-week low of $1.68 in March.

James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

A neon sign says 'Top Ten'.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors regained some confidence on the stock market today.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Baby Bunting, Bellevue Gold, Cettire, and New Hope shares are rising today

These ASX shares are having a good session. But why are investors buying their shares?

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Share Gainers

Here are the top 10 ASX 200 shares today

It was a shaky, but positive start to the trading week for ASX shares today.

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Bannerman Energy, Cettire, TechnologyOne, and Zip shares are charging higher

These ASX shares are having a great start to the week. But why?

Read more »

A happy girl in a yellow playsuit with a zip gives the thumbs up
Share Gainers

If I'd put $5,000 into Zip shares on 9 October, here's what I'd have now!

The stars have been aligning for Zip shares.

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was an awful end to the trading week for ASX investors this Friday.

Read more »

A beautiful woman holds up one finger with one hand and has her hand on her waist with the other as she smiles widely as though she is very pleased about something.
Share Gainers

Why Beach, Clinuvel, Deep Yellow, and EML shares are charging higher today

These ASX shares are ending the week strongly. But why?

Read more »

Man smiling at a laptop because of a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a fairly miserable day on the share market this Thursday.

Read more »