The S&P/ASX 200 Index (ASX: XJO) was out of form last week and sank deep into the red. The benchmark index lost 3.1% of its value to end the period at 7,205.6 points.
Thankfully, not all shares were sold off. Here's why these were the best performing ASX 200 shares last week:
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Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price was the best performer on the ASX 200 last week with a 5.8% gain. This fund manager's shares were rising after it released its latest funds under management (FUM) update. Magellan revealed that its total FUM fell by $1.4 billion or 2% to $68.6 billion during April. As this was a big improvement on recent outflows, some investors appear optimistic the worst could now be over for fund outflows.
Amcor (ASX: AMC)
The Amcor share price wasn't far behind with a gain of 5.4%. Investors were buying the packaging company's shares following the release of its third-quarter update. That update revealed a 15.6% increase in net sales to US$3,708 million and a 7.2% lift in gross profit to US$731 million. This went down well with Morgans, which retained its add rating and lifted its price target on Amcor's shares to $18.60.
Hub24 Ltd (ASX: HUB)
The Hub24 share price was a positive performer with a 4.5% gain last week. This appears to have been driven by the investment platform provider's appearance at an investor conference. At the event, Hub24 spoke positively about its outlook and reaffirmed that it is targeting platform funds under administration (FUA) of $83 billion to $92 billion in FY 2024. This compares to its current FUA of $51 billion.
Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance share price was on form and rose 4.3% over the five days. This appears to have been driven by a broker note out of Morgan Stanley. According to the note, to broker has upgraded the plumbing parts company's shares to an overweight rating with a $5.40 price target. It believes the company's shares have been unfairly dragged lower amid fears of slowing new housing construction. However, Morgan Stanley notes that the company has more exposure to the repair and renovation market, which it expects to be more resilient.
