The S&P/ASX 200 Index (ASX: XJO) ended the final week of 2020 in a disappointing fashion. The benchmark index lost 1.2% of its value to finish at 6,587.1 points.
While a good number of shares dropped lower, some managed to defy the market weakness and push higher. Here’s why these were the best performers on the ASX 200 last week:
Omni Bridgeway Ltd (ASX: OBL)
The Omni Bridgeway share price was the best performer on the ASX 200 last week with a 10.8% gain. This may have been driven by a recent broker note out of Goldman Sachs. Its analysts are very bullish on the dispute resolution finance company and recently put a conviction buy rating and lofty $5.50 price target on its shares. This compares to the latest Omni Bridgeway share price of $4.30.
Sims Ltd (ASX: SGM)
The Sims share price was some way behind as the next best performer with a 5.1% gain. This was despite there being no news out of the scrap metal company. At one stage last week the company’s shares hit a two-year high. This is despite China no longer accepting scrap metal shipments from abroad as of 1 January.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price was on form and charged 4.6% higher last week. This stretched its annual gain to over 125%. Investors have been buying the mining and mining services company due to its exposure to two of the hottest commodities around at the moment – iron ore and lithium. They appear to believe the company is well-placed to deliver a very strong result in FY 2021.
A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price continued its recovery and pushed 4.6% higher last week. This means the infant formula and fresh milk company’s shares have now rebounded by around 15% from their December low. Investors sold off the company’s shares last month after it was forced to downgrade its earnings guidance due to weakness in the daigou channel.
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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 A2 Milk. 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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