The S&P/ASX 200 Index (ASX: XJO) has started the year in a very positive fashion. Last month, the benchmark index recorded a gain of 6.2%.
While this was undoubtedly strong, it wasn't as strong as some of the gains made on the index. Here's why these ASX 200 shares smashed the market:
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Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price was the best performer on the ASX 200 last month with a gain of 36.8%. Investors were piling back into the lithium industry in January on the belief that prices of the battery making ingredient may stay higher for longer. In addition, Sayona announced positive progress with the restart of the North American Lithium project.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price was back on form and charged 27% higher in January. As well as lithium price optimism, a strong quarterly update gave this lithium giant's shares a big boost in January. Pilbara Minerals' production, sales volumes, lithium prices, and unit costs all improved quarter on quarter. It also reported an increase in its cash balance from $1.375 billion at the end of September to $2.226 billion at the end of December.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price was on form and rose 24.6% in January. This was despite there being no news out of the travel company. Though, it is worth noting that its shares were hammered in 2022 and brokers have been tipping its shares as a buy. Goldman Sachs, for example, has a buy rating and $20.30 price target on them.
ARB Corporation Limited (ASX: ARB)
The ARB share price was a strong performer and climbed 24% last month. While there was no news out of the 4×4 parts manufacturer, a solid update from Super Retail Group (ASX: SUL) may have given its shares a boost. Super Retail revealed that its Supercheap Auto business delivered sales growth of 18% during the first half of FY 2023. This appears to indicate that consumers are still spending on their cars despite the cost of living crisis.
