A disappointing end to the week couldn't stop the S&P/ASX 200 index from recording a solid gain last week.
The benchmark index finished the week 0.7% higher at 6,649.7 points. Whilst a good number of shares charged higher, these were the best performers on the index:
The Nearmap Ltd (ASX: NEA) share price was the best performer on the index with a gain of 17.1%. Last week the aerial imagery technology and location data company released its annual report. Although there was no new information in Nearmap's report, it reminded investors of its massive market opportunity. Nearmap may be generating significant revenues already in North America, but management estimates that it has only captured 1% to 2% of that market.
The IOOF Holdings Limited (ASX: IFL) share price was a strong performer last week with a gain of 16.6%. Investors were buying the financial services company's shares for two reasons. The first was news of an agreement with Australia and New Zealand Banking Group (ASX: ANZ) for a cheaper purchase price of its ANZ Wealth Pension and Investments business. The other was news that APRA will not be appealing the recent Federal Court ruling. Last month the Court held that IOOF's APRA regulated entities and five employees did not contravene the Superannuation Industry Act 1993.
The CYBG PLC (ASX: CYB) share price wasn't far behind with a gain of 14.4%. The UK-based bank's shares raced higher last week thanks to positive developments in relation to Brexit. This led to a jump in the British pound late in the week, taking it to a four-month high. However, doubts over the deal on Friday night could mean that CYBG starts the week in the red on Monday.
The Challenger Ltd (ASX: CGF) share price returned to form last week with a 13.3% gain. Investors were buying the annuities company's shares following the release of its first quarter update. Although Challenger reported a sizeable 28% decline in annuities sales, investors appear relieved that management reaffirmed its full year profit guidance. It also reported a major increase in sales of its institutional Guaranteed Index Return and Challenger Index Plus products. This was driven by strong demand from superannuation fund clients seeking guaranteed returns in the low interest rate environment.
