The S&P/ASX 200 index certainly had a week to forget. Concerns over the coronavirus outbreak spooked global markets and led to the benchmark index falling 697.8 points or 9.8% last week to 6441.2 points.
Whilst almost all shares on the index tumbled lower, a few managed to push higher. Here's why these were the best performing ASX 200 shares over the period:
The InvoCare Limited (ASX: IVC) share price was the best performer on the ASX 200 last week with a gain of 9%. Investors were buying the funerals company's shares following the release of its full year results which revealed strong profit and dividend growth in FY 2019. A combination of the death rate returning to trend and operational efficiencies led to InvoCare reporting a 19.6% increase in operating earnings to $59.2 million. This allowed the company's board to declare a final fully franked dividend of 23.5 cents per share, which brought its full year dividend to 41 cents per share fully franked. This was up 11% year on year.
The Chorus Ltd (ASX: CNU) share price was the next best performer on the index with a gain of 5.1%. The catalyst for this gain was the release of the New Zealand based telco company's half year results. Although Chorus posted a small decline in revenue to NZ$483 million, its EBITDA rose by a solid 4.4% to NZ$332 million. Looking ahead, thanks partly to the company's progress with its fibre network rollout, management has increased its FY 2020 EBITDA guidance. It now expects EBITDA of NZ$640 million to NZ$655 million, up from its previous guidance of NZ$625 million to NZ$645 million.
The Healius Ltd (ASX: HLS) share price was on form and rose 3.75% last week. The catalyst for this was news that the healthcare company received a takeover approach. The company, formerly known as Primary Health Care, has received an unsolicited, non-binding, indicative proposal from Partners Group to acquire it for $3.40 per share. This values Healius at approximately $2.1 billion.
The NEXTDC Ltd (ASX: NXT) share price the next best performer with a gain of just 0.6% last week. Its shares rose strongly on Friday following the release of its half year results. For the six months ended December 31, the data centre operator delivered an 8% increase in revenue to $97.7 million and a 21% lift in underlying EBITDA to $50.9 million. Management also reiterated its guidance for the full year.
