Last week was a good one for the S&P/ASX 200 Index (ASX: XJO). The benchmark index overcame a poor start to record a 0.6% gain and finish at 7,362 points.
While a good number of shares pushed higher with the market, some climbed more than most. Here's why these were the best performing ASX 200 shares last week:
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price was the best performer on the ASX 200 last week with a massive 24.8% gain. Investors were scrambling to buy the investment platform provider's shares after the release of a strong first quarter update. According to the release, Netwealth reported record first quarter net inflows of $4 billion. This took Netwealth's funds under administration (FUA) to $52 billion, which represents an increase of 10.2% for the quarter. In response, Macquarie retained its outperform rating and lifted its price target to $19.00.
HUB24 Ltd (ASX: HUB)
The HUB24 share price wasn't far behind with a gain of 20.9% over the five days. This was also driven by the release of a first quarter update. Like Netwealth, HUB24 achieved record first quarter net inflows of $3 billion. This led to the investment platform provider's total FUA reaching $63.2 billion at the end of September. This went down well with Credit Suisse. Its analysts retained their outperform rating and lifted their price target to $36.50.
Perseus Mining Limited (ASX: PRU)
The Perseus Mining share price was on form and charged 15.2% higher over the period. Investors were buying the gold miner's shares following the release of an update on exploration activities at its Yaouré Gold Mine in the Ivory Coast. According to the release, recent results from infill drilling at Yaouré confirm strong potential for further mineral resources beneath the currently operating CMA open pit.
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price was a positive performer last week and recorded a gain of 11.7%. This infant formula company's shares were given a huge boost last week by the release of a positive update from smaller rival Bubs Australia Ltd (ASX: BUB). That update revealed strong sales growth during the first quarter, particularly from the China market. Investors appear optimistic that this could mean the worst is now behind the infant formula market.
