The S&P/ASX 200 Index (ASX: XJO) was on form again last week and recorded a very strong gain. The benchmark index jumped 215 points or 3.5% to 6405.2 points.
While the majority of shares on the index climbed higher over the period, some climbed more than most. Here's why these were the best performers on the ASX 200:
Virgin Money UK CDI (ASX: VUK)
The Virgin Money UK share price was the best performer on the ASX 200 last week with a 32.4% gain. Investors were buying the UK-based bank's shares after Pfizer revealed very positive data from its phase 3 COVID-19 vaccine trial. Given how bad the situation is in the UK, the prospect of a working vaccine being released by the end of the year has given investor sentiment a huge boost.
Unibail-Rodamco-Westfield CDI (ASX: URW)
The Unibail-Rodamco-Westfield share price wasn't far behind with a gain of 31.2%. This was also driven by the positive COVID-19 vaccine news. Given that many of Unibail-Rodamco-Westfield's shopping centres around the world have been ghost towns, this news is a major boost. It could mean foot traffic starts to return to normal in 2021, which will help the company collect rent again.
Oil Search Limited (ASX: OSH)
The Oil Search share price was an exceptionally strong performer last week and jumped 30.3% over the five days. Investors were buying the company's shares after oil prices jumped higher following the vaccine news. If life returns to normal sooner than expected, demand for oil is likely to strengthen greatly and support higher prices. For the same reason, the Beach Energy Ltd (ASX: BPT) share price jumped 23.9% and the Santos Ltd (ASX: STO) share price stormed 18%.
Fletcher Building Limited (ASX: FBU)
The Fletcher Building share price was on form and surged 21.7% higher last week. Investors were buying the building products company's shares after the release of a positive trading update. That update reveals that Fletcher Building has started FY 2021 strongly. For the first four months of the financial year, its earnings before interest and tax (EBIT) before significant items is up NZ$80 million or 54.4% to NZ$227 million.
