These were the best performing ASX 200 shares in March

These ASX 200 shares left the rest of the pack in their wake in March.

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising Tassal share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) was out of form in March. Due largely to weakness in the banking sector, the benchmark index fell 1.1% to 7,177.8 points.

But that couldn't stop some ASX 200 shares from delivering very strong returns last month.

For example, the four shares listed below were the strongest performers on the index over the period. Here's why they smashed the market:

Liontown Resources Ltd (ASX: LTR)

The Liontown share price was the best performer on the ASX 200 in March with a stunning gain of 89.7%. This was driven by news that the lithium developer received and rejected a non-binding takeover proposal from industry giant Albemarle. Management labelled the offer as "opportunistic." So, with Liontown's shares now trading beyond Albemarle's $2.50 per share offer, it seems that investors are betting on an improved proposal being made in the near future.

United Malt Group Ltd (ASX: UMG)

The United Malt share price was on form and raced 33% higher last month. This was also driven by a takeover approach. However, on this occasion, the maltster was receptive of the approach and revealed that it would accept the $5.00 per share offer from rival Malteries Soufflet if it became binding.

Capricorn Metals Ltd (ASX: CMM)

The Capricorn Metals share price was a strong performer and rose 25.6% last month. Investors were buying the gold miner's shares after the price of the precious metal surged to almost US$2,000 an ounce. This was driven by increased demand for safe haven assets due to the banking crisis and optimism that interest rates won't rise as much as previously expected.

InvoCare Limited (ASX: IVC)

The InvoCare share price wasn't far behind with a gain of 24.4% in March. This funerals company was another takeover target, receiving an unsolicited, preliminary, non-binding indicative offer from private equity giant TPG. It offered to acquire 100% of InvoCare's issued shares for $12.65 cash per share. However, the company's board was not biting and informed TPG that its offer "does not provide compelling value for InvoCare shareholders."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Market up or down
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough end to the week...

Read more »

Man in an office celebrates at he crosses a finish line before his colleagues.
Share Gainers

4 ASX 200 shares racing ahead of the benchmark this week

ASX investors sent these four stocks soaring 12% to 18% this week. But why?

Read more »

Man pointing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why BHP, Coronado Global, EBR Systems, and Whitehaven Coal shares are pushing higher today

These shares are ending the week on a positive note. Let's find out why.

Read more »

a young woman looks happily at her phone in one hand with a selection of shopping bags in her other hand.
BNPL shares

Up 87% since April, why the Zip share price can keep flying higher into 2026

A leading fund manager expects more outsized gains from Zip shares ahead.

Read more »

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a miserly session for investors today.

Read more »

Happy coal miner.
Share Gainers

Up 75% this week, why is this ASX All Ords stock rocketing again today?

Investors are piling into this ASX 300 stock on Wednesday. But why?

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a bountiful session for investors this hump day.

Read more »

Man looking happy and excited as he looks at his mobile phone.
Share Gainers

Why Coronado, DroneShield, Lovisa, and Mayne Pharma shares are racing higher today

These shares are having a good time on hump day. But why?

Read more »