These were the best performing ASX 200 shares last week

These ASX 200 shares were on fire last week…

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The S&P/ASX 200 Index (ASX: XJO) was on course to record a decent gain until a selloff on Friday. This led to the benchmark index falling 0.7% over the shortened week to 7,473.3 points.

Thankfully, not all shares tumbled with the market. Here’s why these were the best performers on the ASX 200 last week:

Ramsay Health Care Limited (ASX: RHC)

The Ramsay Health Care share price was far and away the best performer on the ASX 200 last week with a massive 31% gain. The catalyst for this was news that the private hospital operator has received a takeover approach. According to the release, a consortium led by KKR has tabled a non-binding $88 cash per share offer to acquire the private hospital operator. This will be reduced by any dividends paid. Ramsay has granted the consortium due diligence access.

Brambles Limited (ASX: BXB)

The Brambles share price was some distance behind as the next best performer with an 8.2% gain. Investors were buying this logistics solutions company’s shares after it released a trading update. That update revealed that year to date sales were up 7% to US$4,067 million during the first three quarters of FY 2022. This was stronger than the company was expecting, leading to management upgrading its full year sales and earnings guidance.

GrainCorp Ltd (ASX: GNC)

The GrainCorp share price was on form and charged 5.9% higher over the four days. This was despite there being no news out of the grain exporter. Though, it is worth noting that its shares have been on a roll since it upgraded its earnings guidance earlier this month.

United Malt Group Ltd (ASX: UMG)

The United Malt share price wasn’t far behind with a gain of 5.2%. Once again, this gain was made despite there being no news out of the world’s fourth largest maltster. Though, United Malt, which was part of GrainCorp until it was spun off in 2020, has been touted as a potential takeover target in recent months.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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