A positive week by the big four banks played a key role in driving the S&P/ASX 200 index higher again last week. The benchmark index recorded a weekly gain of 0.9% to finish it at 6730.8 points.
Whilst a good number of shares pushed higher, four shares that stood out are listed below. Here's why they were the best performers on the benchmark index last week:
The Bellamy's Australia Ltd (ASX: BAL) share price was the best performer on the benchmark index last week with a massive 54.6% gain. The catalyst for this was the infant formula company receiving a takeover approach from Hong Kong-listed China Mengniu Dairy Company. The leading Chinese dairy product manufacturer offered $13.25 per share offer, valuing Bellamy's at $1.5 billion. The offer has been recommended by the Bellamy's board, subject to no higher bids being made and the independent expert's report.
The Premier Investments Limited (ASX: PMV) share price was some distance behind as the next best performer with a 15.7% gain. Investors were fighting to buy the retailer's shares last week following the release of its full year results. Premier Investments revealed a 7.5% increase in total global sales to a record of $1.27 billion and a 27.7% lift in reported net profit after tax to $106.8 million. This was driven by strong growth across a number of its brands and its online business. The company also spoke positively about its new Smiggle strategy and sees a significant growth opportunity for the key brand.
The Resolute Mining Limited (ASX: RSG) share price was on form last week with a gain of 12.2% despite there being no news out of the gold miner. Investors appear to have taken advantage of a spot of weakness in its share price this month. In addition to this, analysts at Macquarie lifted the price target on its shares to $2.60. Its analysts continue to rate its shares as an outperform.
The Blackmores Limited (ASX: BKL) share price wasn't far behind with a 10.2% gain last week. The health supplements company's shares stormed higher following news of Bellamy's takeover approach. With Blackmores' shares down significantly this year, some investors may believe it could be an attractive takeover target due to its exposure to the massive China market.
