It was another positive week for the S&P/ASX 200 Index (ASX: XJO). The benchmark index stormed 90.5 points or 1.2% higher to finish the period at 7,628.9 points.
While a good number of ASX 200 shares pushed higher with the market, some climbed more than most. Here's why these were the best performers on the index last week:
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GrainCorp Ltd (ASX: GNC)
The GrainCorp share price was the best performer on the ASX 200 last week with a 14% gain. Investors were buying the integrated grain and edible oils company's shares after it upgraded its guidance. GrainCorp now expects its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to be in the range of $310 million to $330 million in FY 2021. This is up from its previous guidance of $255 million to $285 million. The high end of its new guidance range is more than triple FY 2020's underlying EBITDA of $108 million.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price was back on form and rose 13.6% last week. This appears to have been driven by a combination of bargain hunters and a positive announcement late in the week. In respect to the former, PointsBet's shares fell heavily earlier this month after undertaking a $400 million capital raising. As for the latter, on Friday the company announced the receipt of regulatory approval from the West Virginia Lottery Commission. This has allowed PointsBet to launch online sports betting operations in West Virginia with immediate effect.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price wasn't far behind and stormed 12.1% higher over the five days. This follows the release of a strong first half first half result. QBE revealed gross written premium growth of 26.9% to US$10,203 million and an adjusted cash profit after tax of US$463 million. The latter compares to a US$66 million loss in the prior corresponding period. This was driven by premium increases, customer retention, and new business.
Downer EDI Limited (ASX: DOW)
The Downer share price was a positive performer and jumped 12%. This was driven by a positive response to the company's full year results. For the 12 months ended 30 June, the integrated services provider reported a 21.4% increase in underlying net profit after tax and amortisation to $261.2 million. This went down well with analysts at Macquarie. In response, the broker retained its outperform rating and lifted its price target to $6.40.
