Rising bond yields spooked global markets last week and led to the S&P/ASX 200 Index (ASX: XJO) sinking notably lower. The benchmark index lost 1.8% of its value to end at 6,673.3 points.
Fortunately, not all ASX 200 shares dropped with the market, with some even recording strong gains. Here’s why these were the best performers last week:
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price was the best performer on the ASX 200 last week with an 18% gain. Investors were fighting to buy shares after the copper producer posted a big increase in its first half profits. For the six months ended 31 December, Sandire almost doubled its net profit to $60.8 million. This allowed its board to lift its interim dividend to 8 cents per share from 5 cents per a year earlier. A strong rise in the copper price was the key driver of its growth and offset a slight reduction in production.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price wasn’t far behind with a gain of 15.9%. The rollout of vaccines across Australia and a positive reaction to its half year results from a week earlier appear to have been behind this gain. One broker that was pleased with its performance was UBS. At the end of last week, it retained its buy rating and increased its price target to $21.10. The broker suspects the company could win market share when trading conditions return to normal.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price was on form and charged 14.2% higher over the five days. Investors were buying the travel agent giant’s shares following the release of its half year results. For the six months ended 31 December, Flight Centre reported a material drop in revenue to $160 million. This compares to the revenue of $1,546 million it achieved in the prior corresponding period. And while this led to Flight Centre recording an underlying loss of $247 million for the half, it has more than enough liquidity to weather this storm. At the end of the period, the company had a cash balance of $1,670 million.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price was a strong performer and recorded a gain of 13.7% last week. The catalyst for this was the horticulture company’s stronger than expected full year result. For the 12 months ended 27 December, Costa reported an 11.2% increase in revenue to $1,164 million and an impressive 108.4% jump in net profit to $59.4 million. Morgans, for example, was forecasting a profit of $52.2 million. Strong demand and pricing were key drivers of its growth. In response to the result, Goldman Sachs upgraded its shares to a buy rating with a $5.35 price target.
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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 Corporate Travel Management Limited and COSTA GRP FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.