The S&P/ASX 200 Index (ASX: XJO) was back on form last week and stormed higher. The benchmark index rose 85 points or 1.3% to finish the week at 6,800.4 points.
While a good number of shares climbed higher with the market, some climbed more than most. Here's why these were the best performers on the ASX 200 last week:
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Zip Co Ltd (ASX: Z1P)
The Zip share price was the best performer on the ASX 200 last week with a massive 28.9% gain. Investors were buying the buy now pay later provider's shares following the release of its second quarter update. The buy now pay later provider delivered a 103% increase in transaction volume to a record $1.6 billion for the quarter. A key driver of this growth was Zip's US-based QuadPay business, which recorded a 217% increase in transaction volume to $673.1 million. It also reported a 180% lift in customer numbers to 3.2 million and a 655% jump in merchants to 8,400 in the key market. This appears to indicate that the launch of buy now pay later offerings by PayPal and Shopify haven't stifled its growth.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price wasn't far behind with a sizeable gain of 26.1% over the five days. A good portion of this gain was made on Friday when the rare earths producer provided the market with an update on its US activities. According to the release, the company has entered into an agreement with the United States Government to build a commercial Light Rare Earths separation plant in Texas. The U.S. government will provide funding of US$30 million for its construction.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price was on form last week and stormed 20.5% higher. Investors were buying the investment platform provider's shares following the release of its second quarter update. That update revealed that Netwealth's strong form continued during the quarter. It reported a 14% or $4.8 billion quarter on quarter increase in its funds under administration (FUA) to $38.8 billion. This led to management upgrading its FY 2021 FUA inflow guidance to be in the range of $8.5 billion to $9 billion. This compares to its previous guidance of $8 billion.
Bingo Industries Ltd (ASX: BIN)
The Bingo share price was a strong performer over the five days and jumped a sizeable 20.2%. Investors were fighting to get hold of the waste management company's shares after received a takeover approach from a private equity firm. BINGO has received an unsolicited, highly conditional, non-binding, indicative proposal from funds advised by CPE Capital. The indicative cash price currently offered to BINGO shareholders under the proposal is $3.50 per share.
