These were the best performing ASX 200 shares last week

Costa Group Holdings Ltd (ASX:CGC) and Flight Centre Travel Group Ltd (ASX:FLT) shares were among the best performers on the ASX 200 last week…

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Rising bond yields spooked global markets last week and led to the S&P/ASX 200 Index (ASX: XJO) sinking notably lower. The benchmark index lost 1.8% of its value to end at 6,673.3 points.

Fortunately, not all ASX 200 shares dropped with the market, with some even recording strong gains. Here's why these were the best performers last week:

Sandfire Resources Ltd (ASX: SFR)

The Sandfire share price was the best performer on the ASX 200 last week with an 18% gain. Investors were fighting to buy shares after the copper producer posted a big increase in its first half profits. For the six months ended 31 December, Sandire almost doubled its net profit to $60.8 million. This allowed its board to lift its interim dividend to 8 cents per share from 5 cents per a year earlier. A strong rise in the copper price was the key driver of its growth and offset a slight reduction in production.

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price wasn't far behind with a gain of 15.9%. The rollout of vaccines across Australia and a positive reaction to its half year results from a week earlier appear to have been behind this gain. One broker that was pleased with its performance was UBS. At the end of last week, it retained its buy rating and increased its price target to $21.10. The broker suspects the company could win market share when trading conditions return to normal.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price was on form and charged 14.2% higher over the five days. Investors were buying the travel agent giant's shares following the release of its half year results. For the six months ended 31 December, Flight Centre reported a material drop in revenue to $160 million. This compares to the revenue of $1,546 million it achieved in the prior corresponding period. And while this led to Flight Centre recording an underlying loss of $247 million for the half, it has more than enough liquidity to weather this storm. At the end of the period, the company had a cash balance of $1,670 million.

Costa Group Holdings Ltd (ASX: CGC)

The Costa share price was a strong performer and recorded a gain of 13.7% last week. The catalyst for this was the horticulture company's stronger than expected full year result. For the 12 months ended 27 December, Costa reported an 11.2% increase in revenue to $1,164 million and an impressive 108.4% jump in net profit to $59.4 million. Morgans, for example, was forecasting a profit of $52.2 million. Strong demand and pricing were key drivers of its growth. In response to the result, Goldman Sachs upgraded its shares to a buy rating with a $5.35 price target.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and COSTA GRP FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

A cool dude looks back at the camera while ziplining above the treetops.
BNPL shares

Zip share price rockets 19% on full-year earnings upgrade

Surging again today, Zip shares are now up 127% since their recent April lows.

Read more »

happy teenager using iPhone
Share Gainers

Up 96% since April, should I still buy Life360 shares today?

A leading expert offers his verdict on the growth outlook for the surging Life360 share price.

Read more »

Businessman smiles with arms outstretched after receiving good news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a lucrative return to trading for investors this Tuesday.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Austal, Botanix, DroneShield, and NextDC shares are storming higher today

These shares are starting the week with a bang. But why?

Read more »

A female coal miner wearing a white hardhat and orange high-vis vest holds a lump of coal and smiles as the Whitehaven Coal share price rises today
Share Gainers

The Coronado Global share price just surged to a 114% weekly gain. Here's why

Investors have sent the ASX coal stock flying higher in June. But why?

Read more »

Market up or down
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough end to the week...

Read more »

Man in an office celebrates at he crosses a finish line before his colleagues.
Share Gainers

4 ASX 200 shares racing ahead of the benchmark this week

ASX investors sent these four stocks soaring 12% to 18% this week. But why?

Read more »

Man pointing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why BHP, Coronado Global, EBR Systems, and Whitehaven Coal shares are pushing higher today

These shares are ending the week on a positive note. Let's find out why.

Read more »