These were the best performing ASX 200 shares in January 2025

These shares were on fire last month. Why were investors buying them? Let's find out.

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The S&P/ASX 200 Index (ASX: XJO) had a strong start to 2025. Over the course of January, the benchmark index rose 4.6% to end at 8,532.3 points.

A good number of ASX 200 shares rose with the market last month, but a few stood out with particularly strong gains.

Here's why these were the best performers on the index in January:

Boss Energy Ltd (ASX: BOE)

The Boss Energy share price was the best performer on the ASX 200 in January with a gain of 36.2%. It was a volatile but positive month for this uranium producer. Optimism over artificial intelligence (AI)-fuelled nuclear power adoption was briefly overshadowed by an AI selloff following the emergence of DeepSeek. Then a strong quarterly update late in the month helped rebuild positive investor sentiment and may have led to short sellers buying shares to close their positions.

Emerald Resources NL (ASX: EMR)

The Emerald Resources share price was a strong performer and recorded a gain of 33% for the period. Investors were buying this gold miner's shares after it revealed a record operational performance at its Okvau operation in Cambodia. Gold production for the December quarter was 31,888 ounces, which exceeded its guidance of 25,000 ounces to 30,000 ounces. A record gold price also gave its shares a boost.

Liontown Resources Ltd (ASX: LTR)

The Liontown Resources share price wasn't far behind with a gain of 27.4% in January. The catalyst for this was the release of the lithium miner's second quarter update. Liontown reported a 215% quarter on quarter increase in spodumene concentrate production to 88,683 dry metric tonnes (dmt) for the three months. This supported a 651% increase in spodumene concentrate shipments to 81,341 dmt and a 674% jump in total revenue to $89.8 million. The company also revealed that it achieved net cash from operating activities of $16.7 million for the period.

Insignia Financial Ltd (ASX: IFL)

The Insignia Financial share price was on form and raced 24.8% higher during January. Investors were buying this financial services company's shares after a bidding war broke out between CC Capital Partners and Bain Capital. In December, Insignia received and rejected a $4.00 cash per share non-binding offer from Bain Capital. By the end of January, both Bain Capital and CC Capital had made offers of $4.60 per share. This is 15% higher than the original offer. Both parties have been granted limited due diligence access.

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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.

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