Appen Ltd (ASX:APX) and Xero Limited (ASX:XRO) shares were among the best performers on the ASX 200 last week…
The post These were the best performers on the ASX 200 last week appeared first on The Motley Fool Australia. –
Despite a 1.9% selloff on Wednesday, the S&P/ASX 200 Index (ASX: XJO) recorded a small gain last week. The benchmark index rose 16.1 points or 0.2% over the five days to end at 7,030.3 points.
While a number of shares climbed higher with the market, some recorded particularly strong gains. Here’s why these were the best performers on the ASX 200 last week:
Appen Ltd (ASX: APX)
The Appen share price was the best performer on the ASX 200 last week with a 19.4% gain. Investors were buying the technology company’s shares after it announced a new organisational structure. The new structure is aligned to its product-led and customer-centric strategy. Management notes that the changes reflect Appen’s evolution from being the leading provider of artificial intelligence (AI) data annotation services to the provider of a broad range of AI data annotation products and solutions that unlock growth in new markets. In addition, management reaffirmed its EBITDA guidance of US$83 million to US$90 million in FY 2021. This represents constant currency growth of 18% to 28% year on year.
Xero Limited (ASX: XRO)
The Xero share price was on form and recorded an impressive 13.1% gain over the five days. This appears to have been driven by bargain hunters snapping up shares after a recent pullback. In addition to this, improving sentiment in the tech sector also gave the cloud accounting platform provider’s shares a boost. For the same reason, the Altium Limited (ASX: ALU) share price jumped 11.5% last week.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price wasn’t far behind with a gain of 11.9%. Last week analysts at Morgan Stanley retained their overweight rating and $21.50 price target on this corporate travel specialist’s shares. The broker doesn’t believe the company will be meaningfully impacted by Qantas Airways Limited (ASX: QAN) reducing travel agent commissions on international flights from 5% to 1%.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road Resources share price was a positive performer and stormed 9.8% higher over the period. This appears to have been driven by a rise in the gold price last week. The spot gold price touched on a four-month high thanks to easing bond yields. This led to the S&P/ASX All Ords Gold index rising by a solid 4.1% last week.
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