Although it had a few wobbles during the latter part of the month, the S&P/ASX 200 index finished March with a small 0.2% gain.
Four shares that climbed significantly more last month are listed below. Here's why they were the best performers over the period:
The Bellamy's Australia Ltd (ASX: BAL) share price was the best performer on the index in March with a gain of 26%. Investors appear to have been fighting to get hold of the infant formula and baby food company's shares amid speculation that it could soon be granted the SAMR accreditation which will allow it to sell products in mainland China again. This is expected to be the catalyst to strong sales and profit growth.
The Lynas Corporation Ltd (ASX: LYC) share price wasn't far behind with an impressive 25.5% gain. Investors were snapping up shares in a hurry last month after the rare earths producer received a takeover approach from Wesfarmers Ltd (ASX: WES). The conglomerate offered $1.5 billion or $2.25 cash per share, which was a premium of 44.7% from the last close price. Lynas has since rejected the approach and it is unclear whether Wesfarmers will return with a revised offer.
The WiseTech Global Ltd (ASX: WTC) share price was a strong performer with a gain of 19%. This strong rise appears to have been driven by a broker note out of Citi. According to the note, last month the broker upgraded the logistic platform provider's shares to a buy rating from neutral with a price target of $21.31.
The Fortescue Metals Group Limited (ASX: FMG) share price was on form once again with a gain of just under 19%. A rise in iron ore prices and the narrowing of the discount between low grade and benchmark fines have been the catalysts for this stellar gain. The iron ore producer's shares are now up almost 70% since the start of the year.
