The S&P/ASX 200 Index (ASX: XJO) was out of form last week and ended the period 35.3 points or 0.5% lower at 7,273.3 points.
Although a good number of shares dropped lower with the market, some managed to defy the odds and push higher. Here’s why these were the best performing ASX 200 shares over the five days:
Sydney Airport Holdings Pty Ltd (ASX: SYD)
The Sydney Airport share price was the best performer on the ASX 200 last week with a 33% gain. The airport operator’s shares took off early in the week after it received an $8.25 cash per share takeover offer from a consortium of infrastructure investors. This offer represents a 42% premium to its last close price at the time. Sydney Airport continues to assess the offer but notes that it has been made during a global pandemic, which has deeply affected the aviation industry and the Sydney Airport share price.
Resolute Mining Limited (ASX: RSG)
The Resolute Mining share price was some way behind as the next best performer with a gain of 13.9%. This was despite there being no news out of the gold miner and it being a reasonably subdued week for the rest of the gold industry. Though, with its shares down by around 50% since this time last year, some investors may believe they were in the bargain bin.
Perenti Global Ltd (ASX: PRN)
The Perenti Global share price was on form and charged 13.2% higher last week. This follows a couple of positive announcements last week from the engineering company. One of those was that its Barminco business has finalised a $280 million four-year contract with Panoramic Resources Limited (ASX: PAN). The contract is for development and production works at the Savannah Nickel Project in the Kimberley region of Western Australia.
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price was back on form and jumped 10.4% over the five days. Last week the New Zealand Overseas Investment Office issued its consent to the infant formula company’s proposed acquisition of a 75% interest in Mataura Valley Milk. Management expects the acquisition of the dairy nutrition business to provide A2 Milk with the opportunity to participate in nutritional products manufacturing and give it supplier and geographic diversification. It also expects the deal to strengthen its relationship with key partners in China.