There was a lot of movement among ASX shares last week, even though the S&P/ASX 200 Index (ASX: XJO) ended up down by 3.8% by Friday.
Much of this movement was due to 2 large takeovers within 4 days of each other. However, there were other reasons for individual shares performing well.
Top moving ASX shares
Takeovers
The best performing ASX share of the week went to Coca-Cola Amatil Ltd (ASX: CCL). Its share price rose by 15.6% in response to a takeover bid by Coca-Cola European Partners PLC (NYSE: CCEP). The share blasted up by 15.63%, most of which occurred in the first trades on Monday. The deal gives the company an enterprise value of $10.8 billion and is unanimously supported by the board.
AMP Limited (ASX: AMP) was next in line with a jump across the week of 12.92%. This was due to another high value takeover bid of a large cap ASX share. In this case from US private equity firm Ares Management Corp Class A (NYSE: ARES). While there is a lot of speculation about the AMP bid, at this stage it is less advanced than that of Coca-Cola Amatil.
Performance increases
Blackmores Limited (ASX: BKL) saw its share price jump up by 12.29% last week. This was due to a combination of a divestment, and forecast performance improvement. The company announced it would sell its Global Therapeutics business to McPherson's Limited (ASX: MCP) in a deal worth $27 million. Global Therapeutics is the market leader in Chinese herbal medicine in Australia. Moreover, the company expects to generate a growth in profits over FY21.
Canadian iron ore miner Champion Iron Ltd (ASX: CIA) saw its ASX share price rise by 10.89% over the week. This was due to solid second quarter results. The company produced record revenue, earnings before interest and taxes, net cash flow, and net income. This was due largely to the increases in iron ore prices. In fact, the ASX share saw its average sales price increase by 13.4% on the prior corresponding period. The company is also continuing with its Phase II expansion, and modifications to the train loadout.
Resmed CDI (ASX: RMD) was the fifth best performing ASX share, closing the week up by 8.47%. Resmed saw its share price rise by 9.45% on Friday alone after the release of the company's Q1FY21 results. In comparison to the previous corresponding period, the company saw revenues increase by 10%, net operating profit increased by 27%, with a gross margin of 58.3%. In USA and Europe this was due to an increase in demand for ventilators.
