The S&P/ASX 200 Index (ASX: XJO) was on form last week and climbed notably higher thanks largely to the miners and banks. The benchmark index rose 1.9% to 6033.6 points.
While a good number of shares pushed higher last week, some climbed more than most. Here’s why these were the best performing ASX 200 shares:
The Alumina Limited (ASX: AWC) share price was the best performer on the ASX 200 last week with a 12.9% gain. This follows the release of the Alcoa business’ second quarter earnings. One broker that was pleased with what it saw was Credit Suisse. Its analysts upgraded Alumina’s shares to an outperform rating with an improved price target of $2.00. It believes the company’s outlook is improving greatly thanks to lower unit costs and a rebounding aluminium sector.
The Credit Corp Group Limited (ASX: CCP) share price wasn’t far behind with a gain of 10.8%. Investors were buying the debt collector’s shares after the release of its full year update. Credit Corp expects to report a net profit after tax in the range of $75 million to $80 million before one-offs This went down well with analysts at Morgans who retained their add rating and lifted the price target on the company’s shares to $19.10.
The Cooper Energy Ltd (ASX: COE) share price was a strong performer last week with a 10.5% gain. This was despite there being no news out of the oil and gas company. However, earlier this month Morgans put an add rating and 53 cents price target on its shares. It appears optimistic on the progress being made in respect to commissioning activities at the Orbost Gas Processing Plant.
The Fortescue Metals Group Limited (ASX: FMG) share price was on form and pushed 10.4% higher. Investors were buying Fortescue’s shares after the iron price continued its rise. On Friday the spot iron ore price was up as high as US$108 a tonne thanks to supply disruptions in Brazil and strong demand in China. At one point on Friday the Fortescue share price climbed to a record high of $16.66. This stretched its year to date gain to an impressive 54%.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.
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