It was a very volatile five days for the S&P/ASX 200 Index (ASX: XJO) last week. The benchmark index ultimately shed 2% of its value to end the period at 7,185.5 points.
The good news is that not all shares dropped with the market. Here's why these were the best performers on the ASX 200 last week:
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Beach Energy Ltd (ASX: BPT)
The Beach Energy share price was the best performer on the ASX 200 last week with a 19.8% gain. Investors were buying the energy producer's shares following the release of an investor update. Beach has outlined its low risk strategy to achieving production of 28 MMboe by FY 2024. This will be a 27% increase on the midpoint of its FY 2022 production guidance of 21 to 23 MMboe. Management also advised that this target doesn't include exploration upside and pre-final investment decision projects.
Orica Ltd (ASX: ORI)
The Orica share price wasn't far behind with a gain of 17.5% over the five days. The catalyst for this was a positive response from brokers to the commercial explosives company's trading update. One of those brokers was Morgans. According to the note, the broker has upgraded Orica's shares to an add rating with a $13.70 price target. Morgans said: "We think the earnings downgrade cycle which have plagued ORI for the last few years is now finally over."
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price was on form and charged 10.2% higher last week. Investors were buying travel shares thanks to the positive progress being made with the vaccine rollout and the announcement of state reopening plans. The Federal Government's announcement of a return to international travel also gave Flight Centre's shares a boost on Friday when the market tumbled.
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price was a strong performer and charged 9.4% higher over the five days. This appears to have been driven by a broker note out of Citi. According to the note, the broker suspects that there could be more bad news looming for the infant formula company. However, it also suspects that any share price weakness could lead to a takeover approach. The broker has a buy rating and $7.20 price target on a2 Milk's shares.
