The S&P/ASX 200 Index (ASX: XJO) was out of form last week and tumbled lower. The benchmark index recorded a 0.8% decline over the five days, closing the period at 7,308 points.
Not all ASX 200 shares dropped lower with the market. Here’s why these were the best performers on the index last week:
Afterpay Ltd (ASX: APT)
The Afterpay share price was the best performer on the ASX 200 last week with a gain of 12.8%. Investors were buying the payments company’s shares after it announced the expansion of its one-time card footprint. Afterpay will now let users shop with 12 of the most popular and largest merchants in the United States. This includes Amazon, Nike, Nordstrom, Target, and Walgreens. Combined, the new additions represent almost half of all U.S. ecommerce volume.
Kogan.com Ltd (ASX: KGN)
The Kogan share price was on form at long last, recording an 11.1% gain over the five days. A good portion of this gain came at the end of the week following the outbreak of COVID-19 in Sydney. Investors appear to believe that Kogan could benefit from consumers having to shop online during lockdown.
Boral Limited (ASX: BLD)
The Boral share price was a very positive performer last week, rising 8.3% over the period. It certainly was an eventful week. At the start of the week, the building products company announced an agreement to sell its North American Building Products business to Westlake Chemical Corporation. According to the release, the two parties have agreed a fee of US$2.15 billion (~A$2.9 billion). This is expected to lead to a significant surplus in capital, which could be returned to shareholders via a distribution. Late on in the week, Seven Group Holdings Ltd (ASX: SVW) revealed that it would increase its takeover offer to $7.40 under certain circumstances.
Adbri Ltd (ASX: ABC)
The Adbri share price wasn’t far behind with a gain of 6.8% over the five days. This was despite there being no news out of the building materials company. However, with Seven Group lifting its takeover proposal for Boral, investors may also believe it deserves to trade on higher multiples and were bidding it higher.