Last week the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped lower. The benchmark index lost 0.6% of its value over the period to finish it at 6,073.8 points.
Thankfully, not all shares dropped lower with the market. Here's why these were the best performing ASX 200 shares last week:
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Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance Worldwide share price was the best performer on the ASX 200 last week with a massive 32.8% gain. Investors were buying the plumbing parts company's shares following the release of its FY 2020 results. As expected, Reliance delivered a soft result. Net sales were up 5% to $1.16 billion but reported net profit after tax fell 33% to $89.4 million. However, what got investors excited was its trading update. It advised that sales were strong in the United States in July, with other regions also performing well. This continued during the first three weeks of August.
Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway share price was some way behind as the next best performer with a solid 15% gain. The catalyst for this was the waste management company's full year results. Cleanaway was on form in FY 2020 despite the pandemic. It reported an 8% increase in underlying net profit after tax to $152.9 million. This allowed the Cleanaway board to increase its full year dividend by 15.5% to 4.1 cents per share.
Nearmap Ltd (ASX: NEA)
The Nearmap share price was on form last week and surged 14.5% higher over the period. Investors have been buying the aerial imagery technology and location data company's shares since the release of its full year results a week earlier. The buying was so strong it took the Nearmap share price to a 52-week high of $3.22.
Bingo Industries Ltd (ASX: BIN)
The Bingo share price wasn't far behind with an impressive 13.3% gain last week. The waste management company's shares were in demand with investors following its full year results release. Bingo overcame challenging trading conditions to deliver a 21% increase in revenue to $486.7 million and a 40.8% lift in underlying EBITDA to $152.1 million. A full year contribution from its recently acquired Dial a Dump business played a key role in its growth in FY 2020.
