Last week the S&P/ASX 200 Index (ASX: XJO) fought hard and was able to extend its winning streak to six consecutive weeks. The benchmark index rose 0.1% to finish the period at 6,642.6 points.
While a number of shares climbed higher with the market, some recorded stronger gains than others.
Here’s why these were the best performers on the ASX 200 over the period:
IGO Ltd (ASX: IGO)
The IGO share price was the best performer on the index last week with a 24.2% gain. Investors were buying this nickel producer’s shares after it completed its institutional placement and entitlement offer. IGO raised a total of $707 million at a 9.7% discount of $4.60 in order to expand into the lithium market. The company has signed an agreement to acquire a 49% stake in Tianqi Lithium Energy Australia from China-listed Tianqi Lithium Corporation.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price was on form and surged 12.2% higher over the five days. The catalyst for this was news that the administration services company has received a second takeover approach. SS&C Technology has tabled an offer of $5.65 per share. This represented a 13.9% premium to Link’s last close price. It was also higher than the offer made by a consortium comprising Pacific Equity Partners and Carlyle Group. It is currently conducting due diligence after offering $5.40 per share.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price continued its positive run and climbed a further 11.4% last week. Investors were buying the iron ore producer’s shares after the price of the steel-making ingredient jumped higher again. On Friday the spot iron ore price was fetching a massive US$156.58 a tonne. This compares to Fortescue’s C1 costs guidance of US$13.00 to US$13.50 per wet metric tonne in FY 2021.
Viva Energy Group Ltd (ASX: VEA)
The Viva Energy share price wasn’t far behind with a gain of 9.2% last week. This appears to have been driven by an update relating to its Geelong Energy Hub project. Viva Energy advised that it has selected and entered into memorandums of understanding with two partners in relation to the development of the project and the related capacity in the terminal.
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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 Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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