The S&P/ASX 200 index was on form again in November and recorded an impressive 2.7% gain to finish the period at 6,846 points.
Whilst most shares on the index climbed higher last month, some climbed more than most.
Here's why these shares were the best performers on the ASX 200 last week:
The NRW Holdings Limited (ASX: NRW) share price was the best performer on the index last month with a gain of 32.4%. The mining services company's shares surged higher after announcing a capital raising and acquisition. NRW raised $120 million at $2.85 per share in order fund the acquisition of BGC Contracting for an equity value of $116.4 million and an implied enterprise value of $310 million.
The Virgin Money UK PLC (ASX: VUK) share price was on form last month with a gain of 28.9%. The majority of this gain came at the end of the month after the market responded positively to the UK bank's full year results. Virgin Money, previously known as CYBG, reported a 7% decline in underlying profit to £539 million. This was in line with the market's expectations. This led to analysts at Macquarie retaining their outperform rating and lifting their price target on its shares materially to $3.70.
The Bravura Solutions Ltd (ASX: BVS) share price was an impressive performer last month with a sizeable 25% gain. The majority of this gain came in the final week of November when the wealth management software company provided a trading update. That update revealed that Bravura is on course to achieve its mid-teen net profit growth guidance in FY 2020. Management also advised that recent acquisitions are expected to add a further $3 million to its bottom line this year. In addition to this, a bullish broker note out of Goldman Sachs gave its shares a lift. The broker upgraded Bravura's shares to a buy rating with a $5.06 price target.
The Caltex Australia Limited (ASX: CTX) share price wasn't far behind with a gain of 24.1% in November. Investors were buying the fuel retailer's shares after it confirmed the receipt of an unsolicited takeover proposal from Alimentation Couche-Tard. The offer has an indicative cash price of $34.50 cash per share, less any dividends declared by Caltex. The Caltex board is currently considering the offer, having previously rejected a $32.00 per share proposal. During the month Caltex also announced provisional plans to spin off some of its property assets.
