The S&P/ASX 200 Index (ASX: XJO) was back on form last week and stormed notably higher. The benchmark index climbed 225.1 points or 4.65% higher to end the period at 5067.5 points.
Whilst a good number of shares were charging higher, some climbed more than most. Here's why these were the best performers on the ASX 200 last week:
The G8 Education Ltd (ASX: GEM) share price was the best performer on the ASX 200 last week with a whopping 70.1% gain. The childcare centre operator's shares rocketed higher after the Federal Government announced a support package for the childcare sector. This includes free childcare during the coronavirus crisis. This was particularly good news for operators like G8 Education as it provides some certainty at a time when the coronavirus threatened its business model.
The Pilbara Minerals Ltd (ASX: PLS) share price was on form last week and climbed 27.3% higher. Investors were buying the lithium miner's shares after the release of its quarterly update. That update revealed that its moderated production strategy has delivered positive results. The release revealed that plant recovery improvements and unit cost reductions contributed to a strengthened quarter-end cash position. Pilbara Minerals ended the quarter with $108.2 million in cash and irrevocable bank letters of credit for shipments.
The Ansell Limited (ASX: ANN) share price was a strong performer and recorded a 25.9% gain. Investors were buying Ansell's shares following the release of a coronavirus update. That update revealed that Ansell has been experiencing high demand for its hand and body protection products. This has offset weakness in the industrial products division, allowing it to reaffirm its FY 2020 guidance. Management expects the company to deliver earnings per share of between 112 US cents to 122 US cents.
The Beach Energy Ltd (ASX: BPT) share price wasn't far behind with a 23.9% gain. The catalyst for this was a rebound in oil prices and a positive broker note out of Macquarie. In respect to the latter, the broker has retained its outperform rating and $1.90 price target on the company's shares. It named Beach Energy as one of its preferred picks in the oil and gas sector.
