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These were the best performing ASX 200 shares last week

The Motley Fool logo The Motley Fool 11/06/2021 James Mickleboro
a person in a blue shirt: rising asx share price represented by happy woman dancing excitedly © Provided by The Motley Fool rising asx share price represented by happy woman dancing excitedly

The S&P/ASX 200 Index (ASX: XJO) continued its impressive run and pushed higher again last week. The benchmark index added 0.2% or 16.9 points to end the period at 7,312.3 points.

While a good number of shares pushed higher with the market, some climbed more than most. Here’s why these were the best performers on the ASX 200 last week:

Altium Limited (ASX: ALU)

The Altium share price was the best performer on the ASX 200 last week with a massive 28.6% gain. Investors were scrambling to buy the electronic design software provider’s shares after it announced the receipt of a takeover approach from US software giant Autodesk. It made a formal, non-binding, indicative and unsolicited proposal of $38.50 per share to acquire the company, which represented a 41.5% premium to its last close price. However, it was also a 4.2% discount to its 52-week high. The Altium Board believed it undervalued the company and rejected the proposal.

Iress Ltd (ASX: IRE)

The Iress share price wasn’t far behind with a 20.4% gain over the five days. Investors were buying the financial technology company’s shares amid speculation that it could be a takeover target as well. However, Iress shot down the rumours, confirming that it has not received any direct approach.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price was on form and charged 19% higher last week. This appears to have been driven by a broker note out of Ord Minnett on Tuesday. That note reveals that its analysts have upgraded the coal miner’s shares to a buy rating with a $3.00 price target. It made the move on the belief that its shares had been oversold and also due to the rising thermal coal price.

Mesoblast limited (ASX: MSB)

The Mesoblast share price was a strong performer and jumped 16.2% over the five days. This was despite there being no news out of the biotechnology company. Though, this could have been driven by a delayed reaction to a broker note out of Bell Potter from a week earlier. Its analysts put a buy (spec) rating and $3.60 price target on the company’s shares after looking through its remestemcel-L in COVID related acute respiratory distress syndrome (ARDS) trial results.

The post These were the best performing ASX 200 shares last week appeared first on The Motley Fool Australia.

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James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Altium. The Motley Fool Australia owns shares of and has recommended Altium. 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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