Last week the S&P/ASX 200 Index (ASX: XJO) bounced back strongly from a sharp decline a week earlier to record a sizeable gain. The benchmark index jumped 3.5% over the five days to end the period at 6,840.5 points.
While a good number of shares climbed higher with the index, a few stood out with particularly strong gains. Here's why these were the best performing ASX 200 shares last week:
Virgin Money UK CDI (ASX: VUK)
The Virgin Money UK share price was the best performer on the ASX 200 last week with a massive 22.8% gain. This follows the release of a stronger than expected first quarter update. That update revealed that the bank "had a profitable and positive first quarter." In addition to this, although it acknowledged that some customers require further support upon exiting their payment holidays, it remains comfortably within the level assumed in its provision.
Zip Co Ltd (ASX: Z1P)
The Zip share price wasn't far behind with an impressive 19.4% gain over the five days. This was despite there being no news out of the buy now pay later (BNPL) provider. However, a very positive update from PayPal revealed strong growth in the United States BNPL market. This may have given investor sentiment a further lift following a positive update from Zip itself last month. This latest gain means the Zip share price is now up 62% since this time last month.
Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price was on form last week and recorded a 17.1% gain. Investors were buying the debt collector's shares after the release of its half year results. For the six months ending 31 December, Credit Corp reported a 2% decline in revenue to $188 million and a 10% lift in net profit after tax to $42.3 million. The latter came in ahead of the market's expectations, much to the delight of investors. Also giving its shares a boost was management lifting its guidance for the full year.
News Corporation (ASX: NWS)
The News Corp share price was a strong performer and jumped 16.9% higher last week. The majority of this gain was made on Friday following the release of the media giant's second quarter update. Although the company's update revealed a 3% decline in second quarter revenue to US$2.48 billion, this didn't stop it more doubling its profit year on year. News Corp reported quarterly net income of US$261 million, which was up from US$103 million a year earlier. Management advised that this was its most profitable quarter since the new News Corp was launched more than seven years ago.
