These ASX 200 shares were on form last month…
The post These were the 5 best performing ASX 200 shares in September appeared first on The Motley Fool Australia. –
Despite finishing the month on a strong note, the S&P/ASX 200 Index (ASX: XJO) lost a disappointing 2.6% of its value during September and finished at 7,332.2 points.
The good news is that not all ASX 200 shares were dragged lower with the market. Here’s why these were the best performers on the ASX 200 last month:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price was the best performer on the ASX 200 last month with a massive 42.4% gain. This was driven by a combination of rising oil prices and the release of an investor update. In respect to the latter, Beach has outlined its low risk strategy to achieving production of 28 MMboe by FY 2024. This represents a 27% increase on the midpoint of its FY 2022 guidance of 21 to 23 MMboe. This target doesn’t include exploration upside and pre-final investment decision projects.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price was on form last month and stormed 30.8% higher. This strong gain appears to have been driven by good progress with the vaccine rollout and the announcement of reopening plans. In addition, last month the travel agent announced its expansion into the Japanese corporate travel market. Flight Centre’s FCM travel management business will enter the world’s fourth largest corporate travel market in January via a joint venture with Tokyo-based NSF Engagement Corporation.
Ausnet Services Ltd (ASX: AST)
The AusNet share price wasn’t far behind with a monthly gain of 30.2%. The catalyst for this was a bidding war breaking out between Brookfield Asset Management and APA Group (ASX: APA) for the electricity distributor. Brookfield tabled a $2.50 per share offer and APA made a $2.60 per share bid a day later.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was on form and surged 27.7% higher in September. Investors were bidding the coal miner’s shares higher during the month after coal prices continued their ascent. Prices have been increasing due to demand from China outstripping supply ahead of winter.
Woodside Petroleum Limited (ASX: WPL)
The Woodside Petroleum share price was on form and recorded a 22.5% gain last month. Investors were buying the energy producer’s shares after oil prices stormed higher following Hurricane Ida. In addition, optimism over its proposed merger with the petroleum assets of BHP Group (ASX: BHP) appears to have given its shares a lift.
The post These were the 5 best performing ASX 200 shares in September appeared first on The Motley Fool Australia.
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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 recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.