Last week was one to forget for the S&P/ASX 200 Index (ASX: XJO). The benchmark index lost 3.9% of its value to end the period at 5,927.6 points.
Fortunately, not all shares on the index tumbled lower with the market. Here’s why these were the best performers on the ASX 200:
Coca-Cola Amatil Ltd (ASX: CCL)
The Coca-Cola Amatil share price was the best performer on the ASX 200 last week with a 15.6% gain. The catalyst for this was a takeover approach from the largest independent bottler of soft drinks, Coca-Cola European Partners. That offer values the beverage company at $12.75 cash per share, which represented an 18.6% premium to Coca-Cola Amatil’s share price at the time. A committee has reviewed the proposal and believes it is in the best interests of shareholders that Coca-Cola European Partners be granted due diligence.
AMP Limited (ASX: AMP)
The AMP Limited share price was on form and stormed 12.9% higher over the five days. All this gain came on the final day of the week when the financial services company revealed that it had received a takeover approach from Ares Management. The company didn’t reveal what offer has been made. It also warned that talks are at a very preliminary stage and there is no certainty that a transaction will eventuate.
Blackmores Limited (ASX: BKL)
The Blackmores share price was a strong performer last week and recorded a 12.3% gain. Investors were buying the health supplements company’s shares following its annual general meeting update. That update reveals that Blackmores is on course to deliver profit growth in FY 2021. Though, management warned that this will come predominantly from the second half of the financial year. In addition to this, Blackmores revealed that its restructuring is set to deliver $15 million of gross annualised savings from the second half. Further savings have also been identified in relation to its cost of goods sold.
ResMed Inc. (ASX: RMD)
The ResMed share price overcame the market weakness and raced 8.5% higher last week. All of this gain came on Friday when the medical device company smashed expectations with its first quarter update. ResMed reported a 10% increase in revenue to US$751.9 million and a 37% lift in earnings per share to US$1.27. This compares to the market consensus estimate of US$709.47 million and US$1.03 per share. Management advised that it experienced strong demand for ventilators because of the COVID-19 pandemic.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended ResMed Inc. 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.