The S&P/ASX 200 Index (ASX: XJO) had a week to forget after the US Federal Reserve indicated that it would start to raise rates in March. The benchmark index tumbled 2.6% over the period to end at 6,988.1 points.
Fortunately, not all shares were dragged lower with the market last week. In fact, some even managed to record strong gains. Here’s why these were the best performers on the ASX 200 last week:
Codan Limited (ASX: CDA)
The Codan share price was the best performer on the ASX 200 with an 11.2% gain. This follows the release of a trading update from the metal detector and electronic products company. Codan revealed that a strong finish to the half led to it recording sales of $257 million for the six months ended 31 December. This represents a 32% improvement over the prior corresponding period.
Inghams Group Ltd (ASX: ING)
The Inghams share price was a solid performer and charged 5% higher over the period. This may have been due to bargain hunters looking for value options amid the weakness in growth shares. This poultry producer’s shares were sold off recently following the release of a disappointing trading update.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price wasn’t far behind with a gain of 4.8%. This follows the release of the Canadian iron ore miner’s third quarter update. While Champion Iron reported a 23% decline in revenue to C$253 million and a 43% reduction in EBITDA to C$122.1 million, this was ahead of expectations thanks to higher iron ore prices. For example, Goldman Sachs was expecting EBITDA of C$87 million for the three months. Goldman put a buy rating and $7.10 price target on its shares in response to the update.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price was on form and rose 4.6% over the four trading days. This could have been driven by a broker note out of Macquarie last week. In response to the mining giant’s agreement with the Mongolian government for the Oyu Tolgoi operation, the broker retained its outperform rating and $130.00 price target on its shares. This compares to the current Rio Tinto share price of $113.76.