The S&P/ASX 200 Index (ASX: XJO) was on form last week and stormed higher over the five days. The benchmark index rose 1.4% over the period to end at 7,420.3 points.
While a good number of shares climbed higher with the market, some rose more than most. Here's why these were the best performing ASX 200 shares last week:
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Link Administration Holdings Ltd (ASX: LNK)
The Link share price was the best performer on the ASX 200 last week with a 12.9% gain. Investors were buying the administration services company's shares after it received a takeover approach from Dye & Durham. If the deal goes ahead, Link shareholders will receive $5.50 per share in cash and a 3 cents per share interim dividend.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price wasn't far behind with a gain of 11.1% over the five days. This appears to have been driven by a broker note out of Macquarie. Last week the broker held firm with its outperform rating and lifted its price target by 10% to a lofty $79.00. Macquarie believes that Mineral Resources is well-positioned to benefit from record lithium prices for the next four years.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price was on form again and charged 10.7% over the period. Investors have been buying the medical device company's shares since the release of a strong second quarter update last week. That update revealed that sales for October and November in the United States are up 133% over the prior corresponding period to $4.66 million.
AMP Ltd (ASX: AMP)
The AMP share price was a strong performer and climbed 10.5% last week. A good portion of this gain was made on Friday after it announced a divestment from its private markets business, PrivateMarketsCo. AMP has agreed to sell its infrastructure debt platform to Ares Holdings for a total cash consideration of $428 million. The agreement follows PrivateMarketsCo's strategic decision to focus on managing equity investments in real estate and infrastructure.
