Megaport Ltd (ASX:MP1) and Champion Iron Ltd (ASX:CIA) shares were among the best performers on the ASX 200 last week. Here’s why…
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After a solid start to the week, the S&P/ASX 200 Index (ASX: XJO) gave back its gains and finished the period ever so slightly lower. The benchmark index lost 2.8 points over the five days to finish it at 7,060.7 points.
That didn’t stop some shares from recording very strong gains over the week. Here’s why these were the best performing ASX 200 shares:
Megaport Ltd (ASX: MP1)
The Megaport share price was the best performer on the ASX 200 last week with a gain of 10.5%. The catalyst for this was the release of the elastic interconnection services provider’s third quarter update. Megaport reported monthly recurring revenue (MRR) of $6.8 million for the three months ended 31 March. This represents a lift of $0.5 million or 8% quarter-on-quarter and was driven by an increase in its footprint, ports, and customer numbers. UBS was happy with the update and retained its buy rating and lifted its price target to $17.10.
Monadelphous Group Limited (ASX: MND)
The Monadelphous share price wasn’t far behind with a gain of 8.6% over the five days. This was despite there being no news out of the mining services company. However, a positive announcement at the end of last week in relation to a lawsuit settlement with Rio Tinto Limited (ASX: RIO), which was covered by insurance, could have helped. As could its exposure to iron ore, which was on fire again last week.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price was on form last week and stormed 8.3% higher last week. As mentioned above, the iron ore price was a very strong performer last week. The base metal climbed to its highest level in 10 years and now has the US$200 a tonne level in its sights. This was driven by strong steel margins in China.
Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance Worldwide share price was a positive performer and recorded a gain of 8.1% last week. This led to the plumbing parts company’s shares hitting a multi-year high on Friday. While there was no news last week, investors have been buying its shares since the release of a very strong half year update in February. During the half, Reliance Worldwide reported a 56% increase in adjusted net profit after tax to $99.3 million.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Reliance Worldwide Limited. The Motley Fool Australia has recommended MEGAPORT FPO and Reliance Worldwide Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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