It was a great week for the S&P/ASX 200 Index (ASX: XJO). The benchmark index stormed 2% or 145.8 points higher to end the period at 7,538.4 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:
Afterpay Ltd (ASX: APT)
The Afterpay share price was the best performer on the ASX 200 last week by some distance with a 36.7% gain. Investors were scrambling to buy the buy now pay later (BNPL) provider's shares after it received a $39 billion takeover proposal by US payments giant Square. The Afterpay Board is recommending investors accept the offer of 0.375 shares of Square Class A common stock for each Afterpay share they hold. On the day of the offer, this implied a transaction price of approximately $126.21 per Afterpay share. However, due to a rise in the Square share price since announcing the deal, the offer has increased in value.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price was the next best performer with a gain of 18.1% last week. This appears to have been driven by increasingly bullish sentiment in the lithium sector and a positive broker note out of Macquarie. In respect to the latter, Macquarie put an outperform rating and $2.00 price target on the company's shares. It was pleased with the results of the lithium miner's battery materials exchange (BMX) auction.
Zip Co Ltd (ASX: Z1P)
The Zip share price wasn't far behind with a gain of 16% over the five days. Investors were buying the BNPL provider's shares after the aforementioned acquisition of rival Afterpay by Square. There are hopes that Zip may also receive a takeover approach of its own. Particularly given recent speculation that Klarna has been building a position in the company.
News Corp (ASX: NWS)
The News Corp share price was on form and rose 11.3% last week. The majority of this gain was made on Friday following the release of the media giant's full year results. According to the release, News Corp reported a 4% increase in revenue to US$9.4 billion and a net profit of US$389 million. The latter compares to a US$1.6 billion net loss in the prior corresponding period.
