Despite its disappointing finish to the week, the S&P/ASX 200 Index (ASX: XJO) was on form and recorded a decent 0.6% weekly gain over the five days. It finished the period at 6,710.8 points.
Four ASX 200 shares that outperformed the market materially are listed below. Here's why they were the best performers on the index last week:
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Australia and New Zealand Banking GrpLtd (ASX: ANZ)
The ANZ share price was the best performer on the ASX 200 last week with a 10.2% gain. The banking giant's shares were given a lift last week when analysts at Goldman Sachs upgraded them to a buy rating with a $29.00 price target. There were a number of reasons for the upgrade, including its balance sheet strength and net interest margin resilience. Rising bond yields also gave bank shares a boost.
Computershare Ltd (ASX: CPU)
The Computershare share price was on form and recorded a 9.3% gain over the five days. This also appears to have been driven by rising bond yields. Computershare's performance has been impacted by falling interest rates in recent years. So the prospect of higher rates appears to have got investors excited.
BlueScope Steel Limited (ASX: BSL)
The BlueScope Steel share price wasn't far behind with a gain of 9.2% last week. This appears to have been driven by a broker note out of Ord Minnett. According to the note, the broker has retained its accumulate and $24.00 price target on the steel maker's shares. It notes that spot prices are currently at very favourable levels. So much so, it suspects the company may have to upgrade its earnings guidance in the near future.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was a strong performer and jumped 8.9% over the period. This may also have been driven by a broker note. At the start of the week, analysts at UBS retained their buy rating and $2.30 price target on the coal producer's shares. While the broker acknowledges that Whitehaven Coal's first half result was disappointing, it still sees enough value in its shares at the current level to retain its buy rating.
