The S&P/ASX 200 Index (ASX: XJO) bounced back from a disappointing decline a week earlier to record a solid gain last week. The benchmark index pushed 1.3% higher over the five days to finish the period at 6,004.8 points.
A number of shares on the index climbed more than most last week. Here's why these were the best performing ASX 200 shares over the period:
Mesoblast limited (ASX: MSB)
The Mesoblast share price was the best performer on the ASX 200 last week with a 16.4% gain. This latest gain means the shares of the allogeneic cellular medicines for inflammatory diseases are now up over 111% year to date. While there was no news out of Mesoblast last week, a broker recently highlighted the company as a strong buy. Lodge Partners is bullish on Mesoblast due to the potential of its Ryoncil (remestemcel-L) product candidate.
Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot share price wasn't far behind with a sizeable gain of 15.5% over the period. This follows the release of a number of broker notes with bullish ratings on the industrial chemicals company's shares. Morgans, Macquarie, Goldman Sachs, and Citi all have the equivalent of buy ratings on its shares. The former upgraded Incitec Pivot's shares to an add rating with a $2.35 price target following a better than expected trading update.
Lynas Corporation Ltd (ASX: LYC)
The Lynas share price was on form last week and recorded a gain of 12.1%. Investors were buying the rare earths producer's shares after it provided an update on its Malaysia Permanent Deposit Facility (PDF). According to an announcement, the Atomic Energy Licensing Board has approved the proposed site at Bukit Ketam, Malaysia for the construction of a PDF for Water Leach Purification residue. This remains subject to completion of relevant studies and final approvals by regulatory authorities.
News Corp (ASX: NWS)
The News Corp share price was a strong performer over the period and climbed 11.8% higher. A good portion of this gain came on Friday following the release of the media company's full year results. Although News Corp recorded a net loss of $1.55 billion for FY 2020, this was largely attributable to $1.69 billion in non-cash impairment charges. These relate primarily to its Foxtel and North America Marketing segments.
