These were the best performers on the ASX 200 in October

These ASX 200 shares overcame a tough month for financial markets.

A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.

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 well and truly out of form in October. During the month, the benchmark index lost approximately 3.8% of its value.

The good news is that this couldn't stop a number of ASX 200 shares from recording strong gains during the period. For example, the shares listed below absolutely smashed the market with some very big returns.

Here's why these were the best performers on the ASX 200 index in October:

Silver Lake Resources Ltd (ASX: SLR)

The Silver Lake share price was the best performer on the ASX 200 last month with a gain of 24%. This was driven by a strong rise in the gold price after demand for safe-haven assets increased following events in the Middle East.

Not far behind Silver Lake with strong returns last month were fellow ASX 200 gold shares Gold Road Resources Ltd (ASX: GOR), Regis Resources Ltd (ASX: RRL), Ramelius Resources Ltd (ASX: RMS), and Capricorn Metals Ltd (ASX: CMM).

Champion Iron Ltd (ASX: CIA)

The Champion Iron share price was the next best performer outside the gold sector with a gain of 13%. Last month, the Canadian iron ore miner released its half-year results and reported an 18% increase in revenue to C$685 million and a 34% jump in profit to C$81.9 million.

Inghams Group Ltd (ASX: ING)

The Inghams share price wasn't far behind with a gain of 11% last month. This was driven almost entirely by a final-day jump in the poultry producer's shares following the release of a trading update. Management revealed that it expects underlying net profit after tax to rise by 110% to $71 million in the first half.

Bega Cheese Ltd (ASX: BGA)

The Bega share price was on form in October and pushed over 10% higher during the month. This was despite there being no news out of the Vegemite owner. However, Bell Potter spoke positively about the company last month and upgraded its shares to a buy rating with a $3.35 price target. This implies over 20% upside from current levels.

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

Rising share price chart.
Share Gainers

Why Core Lithium, Goodman, GQG, and Macquarie shares are pushing higher today

These shares are starting the week in a positive fashion. But why?

Read more »

Happy woman working on a laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a pleasant end to the trading week for investors this Friday.

Read more »

A happy investor sits at his desk in front of his laptop and does the mexican wave with his arms to celebrate the returns from his ASX dividend shares
Share Gainers

Why Chrysos, GQG Partners, Macquarie, and Webjet shares are storming higher today

These shares are ending the week on a positive note. But why?

Read more »

A young man sits at his desk working on his laptop with a big smile on his face.
Share Gainers

The top 3 ASX 200 trades since the Liberation Day dip

These companies are up at least 35% in just over a month.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Share Gainers

Boss Energy shares have rocketed 90% in a month. Here's why

The massive rally in Boss Energy shares will be painful to the host of short sellers betting against the uranium…

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors sent the market higher once again today.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

3 reasons to buy this surging ASX All Ords gold stock today

The ASX All Ords gold stock has doubled investors’ money in 12 months, and this leading expert forecasts more outperformance…

Read more »

Two colleagues at work looking at a tablet and smiling at a rising share price.
Share Gainers

Why Generation Development, Orica, Pro Medicus, and Zip shares are storming higher today

These shares are having a strong session on Thursday. But why?

Read more »