The S&P/ASX 200 Index (ASX: XJO) was on form last week and pushed higher. The benchmark index rose 74.8 points or 1% over the period to end at 7,348.1 points.
While a good number of ASX 200 shares climbed higher with the market, some climbed more than most. Here's why these were the best performers on the index last week:
Spark Infrastructure Group (ASX: SKI)
The Spark share price was the best performer on the ASX 200 last week with a gain of 17.4%. The catalyst for this was the energy network operator receiving and then rejecting a takeover approach. Spark revealed that it received a conditional and non-binding indicative proposal from Ontario Teachers' Pension Plan Board (OTPP) and Kohlberg Kravis Roberts & Co (KKR) of $2.70 cash per share. The Spark Board believes it undervalues the company.
NRW Holdings Limited (ASX: NWH)
The NRW share price wasn't far behind with a gain of 16.5% over the week. This was driven by news that Boggabri Coal Operations has exercised an option to acquire the majority of the major mining equipment of NRW's Golding Contractors. The equipment will be sold for ~$81 million, of which ~$64 million will pay down asset financing debt. This went down well with analysts at Macquarie. In response they retained their outperform rating and $2.10 price target on the company's shares.
Perenti Global Ltd (ASX: PRN)
The Perenti share price was on form and charged 12.3% over the five days. This was despite there being no news out of the mining services company. Though, the company was the subject of a positive broker note out of Macquarie. Its analysts retained their outperform rating and lifted their price target to 95 cents. The broker believes Perenti's work in hand and order book will support strong free cash flow and underpin a generous dividend.
ARB Corporation Limited (ASX: ARB)
The ARB share price was a strong performer last week and jumped 12.2%. Investors were buying the 4×4 parts manufacturer's shares following the release of a market update. According to the release, ARB achieved a 33.9% increase in unaudited sales revenue to $623 million in FY 2021. Things were even better on the bottom line thanks to margin expansion. The company expects its profit before tax to be within the range of $145 million to $150 million. This will be an increase of 85.5% to 92% on FY 2020's profit before tax of $78.1 million.
