A selloff on Friday led to the S&P/ASX 200 Index (ASX: XJO) ending its winning streak last week. The benchmark index lost 1.2% over the five days to end the period at 7,323.7 points.
Fortunately, not all shares were dragged lower with the market. Here’s why these were the best performing ASX 200 shares last week:
Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance Worldwide share price was the best performer last week with a gain of 11.2%. Investors were buying this plumbing parts company’s shares after it announced an agreement to acquire EZ-FLO International for US$325 million. EZ-FLO is a leading manufacturer and distributor of plumbing supplies. In response, the team at Macquarie upgraded the company’s shares to an outperform rating with a $5.95 price target.
Reece Ltd (ASX: REH)
The Reece share price wasn’t far behind with a gain of 10% over the five days. The catalyst for this was the release of the plumbing parts company’s first quarter update. That update revealed sales growth of 13.2% for the three months ended 30 September. In light of this solid performance, management advised that it expects its first half EBITDA to grow 8% to 11% over the prior corresponding period.
GUD Holdings Limited (ASX: GUD)
The GUD share price was on form and charged 7.5% higher last week. This follows the announcement of an agreement to acquire specialist lighting company Vision-X for US$53 million. UBS was pleased with the acquisition and expects it to open the door to an expansion into Europe and North America. In response, the broker retained its buy rating and lifted its price target to $12.90.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price was a positive performer and rose 7.2% over the period. This was despite there being no news out of the rare earths producer last week. However, a week earlier, the Lynas share price was sold off after the release of its quarterly update. Some investors may have seen this as a buying opportunity.