The S&P/ASX 200 Index (ASX: XJO) was out of form last week and tumbled notably lower. The benchmark index lost 2.9% over the five days to end at 5,791.5 points.
Fortunately, not all shares on the index sank lower with the market.
Four shares that stormed higher last week are listed below. Here’s why they were the best performers on ASX 200 over the period:
Janus Henderson Group (ASX: JHG)
The Janus Henderson share price was the best performer on the ASX 200 last week with a sizeable 16.7% gain. A good portion of this gain came at the end of the week following reports that activist investor Trian Fund Management had taken a big stake in the fund manager.
EML Payments Ltd (ASX: EML)
The EML Payments share price wasn’t too far behind with a gain of almost 13% over the five days. This was despite there being no news out of the payments company last week. However, prior to last week, the EML Payments share price was down by more than 50% since the start of the year. Bargain hunters may have been swooping in, especially given the rebound in tech stocks.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price was on form last week and recorded an 11.9% gain. This appears to have been driven by a broker note out of UBS. Its analysts retained their buy rating but lifted the price target on the retail conglomerate’s shares to $20.50. UBS is positive on the company’s long term outlook. This is thanks partly to the global expansion of the Smiggle brand and its improving margins due to a shift in its sales mix.
Zip Co Ltd (ASX: Z1P)
The Zip share price returned to form and charged 8.9% higher over the week. Investors were buying Zip and other tech stocks last week after their US counterparts on Wall Street’s Nasdaq index pushed higher. This led to the S&P/ASX All Technology Index (ASX: XTX) overcoming the market weakness and recording a solid gain of 1.9%.
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Returns as of 6th October 2020
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Emerchants Limited and Premier Investments Limited. 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.