The S&P/ASX 200 Index (ASX: XJO) was well and truly out of form last week. The benchmark index had its worst week in two years, dropping 4.2% to 6,932 points.
Fortunately, not all shares dropped with the market. Here's why these were the best performing ASX 200 shares:
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Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price was the best performer on the ASX 200 last week with a 13% gain. This was driven by news that IFM Global Infrastructure Fund has acquired a 15% stake in the toll road operator with a view of making a takeover proposal. Though, on Friday, the company revealed that it has denied a request from IFM for access to non-public information to help it form a takeover proposal.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price was the next best performer with a gain of 9.5% over the five days. Investors were bidding energy shares higher last week after oil prices climbed to 13-week highs. This was driven by tight supplies and strong US gasoline demand.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price wasn't far behind with a gain of 7.5% last week. Investors were buying this gambling company's shares after it settled its Racing Queensland litigation for $150 million. However, that's only part of the story. This settlement is conditional upon the commencement of legislation that will implement proposed reforms by the Queensland Government relating to the wagering taxation and racing industry funding model. These reforms will be a very big boost to Tabcorp's business.
GrainCorp Ltd (ASX: GNC)
The GrainCorp share price was on form and charged 6% higher last week. This follows the release of an above average east coast winter crop forecast by ABARES. This went down well with analysts at Macquarie. In response, the broker retained its outperform rating and $11.10 price target on GrainCorp's shares.
