Cleanaway Waste Management Ltd (ASX:CWY) and NIB Holdings Limited (ASX:NHF) shares were among the best performers on the ASX 200 last week…
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The S&P/ASX 200 Index (ASX: XJO) had a disappointing end to the month and dropped lower last week. The benchmark index fell 0.5% over the five days to end the period at 7,025.8 points.
The good news is that not all shares tumbled lower with the market. Here’s why these were the best performers on the ASX 200 last week:
NIB Holdings Limited (ASX: NHF)
The NIB share price was the best performer on the ASX 200 last week with a 14.7% gain. Investors were buying the private health insurer’s shares following the release of a trading update. That update revealed that NIB has been performing better than expected during the second half. As a result, it expects to post an underlying operating profit of $200 million to $225 million in FY 2021. This will be a big lift from the first half, when it reported an underlying operating profit of $86.9 million.
Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway share price was the next best performer with a gain of 9.6% over the five days. Investors responded positively to confirmation that the waste management company will no longer be acquiring the Australian recycling and recovery business from Suez Groupe. Instead, Cleanaway is purchasing a portfolio of strategic post‐collection assets in Sydney from the same company for a total of $501 million. It also hinted that it would be using debt rather than a capital raising to fund the purchase.
CIMIC Group Ltd (ASX: CIM)
The CIMIC share price wasn’t far behind with an 8.9% gain. This follows the announcement of contract wins and its first quarter results. In respect to the former, its Leighton Asia business secured $100 million in project wins, extending its market presence in Singapore and Western Australia. As for its results, CIMIC reported first quarter comparable group revenue that was flat on the prior corresponding period at $3.4 billion. Management also maintained its FY 2021 net profit after tax guidance of $400 million to $430 million.
Viva Energy Group Ltd (ASX: VEA)
The Viva Energy share price was on form and charged 8.6% higher last week. This appears to have been driven by a first quarter update that was in line with expectations. This update went down well with analysts at UBS, who have retained their buy rating and $2.00 price target on the fuel retailer’s shares.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended NIB Holdings 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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