The S&P/ASX 200 Index (ASX: XJO) started the year with a bang. The benchmark index rose a decent 1.2% in January to finish at a record high close of 7,680.7 points.
While this was a great return, it pales in comparison to some of the gains that were made last month.
For example, the five ASX 200 shares listed below absolutely smashed the market in January:
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Boss Energy Ltd (ASX: BOE)
The Boss Energy share price was the best performer on the ASX 200 index last month with a stunning 38% gain. Investors were scrambling to buy the uranium developer's shares after the price of the chemical element surged to new highs. This was driven by an update from the world's largest uranium developer, which warned that it could fall short of guidance in the coming years. For the same reasons, Paladin Energy Ltd (ASX: PDN) shares raced 31% higher in January.
Megaport Ltd (ASX: MP1)
The Megaport share price was on fire last month and also stormed 38% higher. The majority of this gain came at the end of the month when the elasticity connectivity and network services interconnection provider released its quarterly update. Megaport reported total revenue of $48.6 million and EBITDA of $30 million. The latter was well ahead of expectations. Goldman Sachs commented: "MP1 reported 1H24 revenue of A$95mn (+35% yoy, +1% vs. GSe prior) and EBITDA of $30mn (+20% vs. GSe prior)."
Alumina Limited (ASX: AWC)
The Alumina share price wasn't too far behind with a gain of 29% in January. Investors were buying the alumina producer's shares after it revealed that its partner, Alcoa (NYSE: AA), plans to fully curtail production at the loss-making Kwinana Alumina Refinery in Western Australia from the second quarter of 2024. This went down well with analysts. For example, Goldman Sachs responded by upgrading Alumina's shares to a buy rating with a $1.43 price target. Alumina shares ended the month at $1.16.
Elders Ltd (ASX: ELD)
The Elders share price was on form in January and rose a sizeable 19%. This appears to have been driven by favourable operating conditions. These conditions caught the eye of analysts at Bell Potter, which responded by retaining its buy rating with an improved price target of $9.50 (from $8.35). It said: "Since reporting FY23 results in Nov'23 soil moisture profiles in key summer cropping regions have improved and livestock prices have firmed, with volumes generally continuing to demonstrate high single-to-double digit YOY gains in both cattle and sheep/lamb markets."
