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:
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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.
