The S&P/ASX 200 Index (ASX: XJO) was back on form last week and stormed notably higher. The benchmark index ended the period 1.7% higher than where it started it at 6,824 points.
While a good number of shares were on form last week, some climbed more than most. Here's why these were the best performers on the ASX 200 last week:
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Crown Resorts Ltd (ASX: CWN)
The Crown share price was the best performer on the ASX 200 last week with a 19.6% gain. Investors were buying the casino and resorts operator's shares after it received a takeover approach from Blackstone. The US investment company has made an unsolicited, non-binding, and indicative proposal to acquire all of the shares in Crown at $11.85 cash per share. This was a 20.1% premium to its last close price. The Crown board is still assessing the proposal.
GrainCorp Ltd (ASX: GNC)
The GrainCorp share price was on form last week and stormed 14.2% higher. The catalyst for this was the grain exporter announcing new operating initiatives. These include expanding bulk materials for export, increasing utilisation at the Numurkah and West Footscray processing facilities, and a shift in the foods product mix to higher-value products. Management expects the initiatives to boost its operating earnings by $25 million by 2023-24.
Adbri Ltd (ASX: ABC)
The Adbri share price wasn't far behind with an 11% gain despite there being no news out of the building materials company. This gain may have been driven by comments out of Brickworks Limited (ASX: BKW) when it released its half year results. The building products company revealed that demand was picking up in Australia. This could mean Adbri is experiencing similarly positive trading conditions.
Nufarm Ltd (ASX: NUF)
The Nufarm share price was a positive performer and rose 10.3% last week. This appears to have been driven partly by a broker note out of UBS. Its analysts believe the recent rainfall on the east coast will lead to positive agricultural conditions and support demand for Nufarm's products. Another positive was that the floods in New South Wales were not in grain production areas. UBS has put a buy rating and $5.70 price target on its shares.
