Last week certainly was an eventful one for the S&P/ASX 200 Index (ASX: XJO). After a series of ups and downs, the benchmark index ended the week 0.8% lower than where it started it at 7,342.6 points.
Fortunately, not all shares dropped lower with the market. Here’s why these were the best performers on the ASX 200 last week:
Ausnet Services Ltd (ASX: AST)
The AusNet share price was the best performer on the ASX 200 last week by some distance with a gain of 28.8%. Investors were scrambling to buy the electricity distributor’s shares after it received a takeover approach. Brookfield Asset Management has made a non-binding offer to acquire the company for $2.50 per share. This was a 26% premium to Ausnet’s last close price. AusNet granted Brookfield with the eight weeks of exclusive due diligence, much to the dismay of APA Group (ASX: APA). It made a $2.60 per share bid a day later which isn’t being considered at this stage.
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price was a strong performer and recorded a gain of 11.8% over the five days. The catalyst for this was a solid rise in oil prices during the week. This was driven by tightening supplies due to solid fuel demand in the United States and lower production in the Gulf of Mexico after Hurricane Ida.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price wasn’t far behind with a gain of 11%. This may have been driven by a positive broker note out of UBS. On Tuesday, the broker retained its buy rating and lifted its price target on the corporate travel company’s shares to $24.80. UBS upgraded its estimates for travel shares to reflect improving vaccination rates.
News Corp (ASX: NWS)
The News Corp share price was on form and stormed 10.6% higher over the five days. There were a couple of catalysts for this gain. One was confirmation that its buyback program will continue with another US$1 billion shares to be bought back. The second was a bullish broker note out of Goldman Sachs. According to the note, the broker has reiterated its conviction buy rating and $44.50 price target on its shares.