Last week the S&P/ASX 200 Index (ASX: XJO) ran out of steam and just fell short of making it eight successive weeks of gains. The benchmark index edged 10.7 points or 0.2% lower to end at 6,664.8 points.
Thankfully, not all shares dropped with the market. Some even managed to record very strong gains. Here's why these were the best performing ASX 200 shares last week:
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Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price was the best performer on the ASX 200 last week with an 18.5% gain. Investors were fighting to get hold of the debt collector's shares after it announced a binding agreement to acquire the Australian Purchased Debt Ledger (PDL) book of Collection House Group Limited (ASX: CLH). Credit Corp has agreed to pay a total consideration of approximately $160 million plus the provision of a short-term loan of $15 million, which is expected to be fully repaid within 9 months.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price was some way behind as the next best performer with a 9.8% gain. The catalyst for this was the salary packaging and novated leasing company releasing its guidance for FY 2020. Smartgroup revealed that it is expecting to report an adjusted net profit after tax before amortisation of $65 million. While this is down almost 20% from a year earlier, it appears to be a lot better than many investors were expecting.
Challenger Ltd (ASX: CGF)
The Challenger share price was on form and jumped 8.5% higher last week. This was driven by news that the annuities company has entered into an agreement to acquire MyLifeFinance for $35 million. MyLifeFinance is an Australian-based customer savings and loans bank, which is owned by Catholic Super. Challenger believes the acquisition is "highly strategic" and allows it to "significantly expand" its secure retirement income offering.
A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price rebounded strongly from a heavy decline a week earlier and rose 8%. This appears to have been down to bargain hunters swooping in to buy shares on the belief they were oversold last week following its earnings guidance downgrade. In addition to this, late in the week the company revealed that it has entered into a binding agreement to acquire a 75% interest in dairy nutrition business Mataura Valley Milk.
