The S&P/ASX 200 Index (ASX: XJO) had its worst showing since 2020 last week. Over the five days, the benchmark index dropped 3.1% to end the period at 6,997.8 points.
Fortunately, not all shares dropped with the market. Here's why these were the best performing ASX 200 shares last week:
Cimic Group Ltd (ASX: CIM)
The Cimic share price was the best performer on the ASX 200 last week with a gain of 35%. Investors were fighting to get hold of the engineering company's shares after it revealed the receipt of a hostile takeover approach. According to the release, Cimic's majority shareholder, HOCHTIEF, is planning to make an off-market takeover offer of $22 cash per share.
Hub24 Ltd (ASX: HUB)
The Hub24 share price was some way behind as the next best performer with a 16.3% gain. A week earlier the investment platform provider was the worst performer on the ASX 200, but quickly reversed that decline following the release of its half year results. For the six months ended 31 December, Hub24 reported a 72% increase in revenue to $81.6 million and an 80% lift in EBITDA to $29.7 million. This was underpinned by a 118% increase in funds under administration (FUA) to $68.3 billion.
Monadelphous Group Limited (ASX: MND)
The Monadelphous share price was on form and charged 14.5% higher last week. Investors were buying the mining services company's shares in response to the release of its half year results. Monadelphous reported a 12% increase in revenue to $1,065 million and a 17.7% jump in net profit after tax to $30.1 million. This solid result was underpinned by record half year maintenance and industrial services revenue.
Cochlear Limited (ASX: COH)
The Cochlear share price wasn't far behind with a solid 13.3% gain over the five days. The catalyst for this was the release of the hearing solutions company's half year results. For the six months ended 31 December, Cochlear delivered a 26% increase in half year underlying net profit to $158 million. This was well ahead of the market consensus estimate.
