It was another positive month of trade for the S&P/ASX 200 index in June. Over the period the benchmark index put on a gain of almost 3.5%.
A number of shares performed even better during the month. Here’s why the shares listed below were amongst the best-performers on the index last month:
The Nanosonics Ltd (ASX: NAN) share price was the best performer on the index with a gain of almost 28%. The catalysts for the infection control specialist’s strong share price gain appear to have been a recommendation and comparison to Cochlear Limited (ASX: COH) by a fund manager and a positive broker note out of UBS. According to the note, the broker has initiated coverage on Nanosonics with a buy rating and $6.30 price target.
The Ausdrill Limited (ASX: ASL) share price was an impressive performer in June, rising 23.8% over the period. The majority of this gain came late in the month following the release of a positive announcement relating to the diversified mining services company’s Barminco business. That announcement revealed that Barminco has been awarded a five-year underground mining services contract at the Zone 5 Mine in Botswana worth approximately A$800 million. This contract is expected to commence in December 2019.
The Bingo Industries Ltd (ASX: BIN) share price wasn’t far behind with a 22% gain in June. This appears to have been driven by bargain hunters taking advantage of the waste management company’s heavy decline earlier in the year. That selloff occurred after it reported a faster than expected softening in multi-dwelling residential construction activity across its key markets. However, since then the company has completed the acquisition of Dial a Dump Industries, which is expected to provide it with significant avenues for growth.
The Northern Star Resources Ltd (ASX: NST) share price was on fire in June and recorded a 20% gain. The catalyst for this was a strong rise in the gold price due to a combination of an increasingly dovish U.S. Federal Reserve and rising tensions between the US and Iran. In respect to the former, US markets believe that the Fed will almost certainly cut rates by at least 25 basis points late in July. Northern Star wasn’t the only gold miner on the rise. The Resolute Mining Limited (ASX: RSG) share price climbed 19.6%, the Regis Resources Limited (ASX: RRL) share price rose 18.6%, and the Newcrest Mining Limited (ASX: NCM) share price raced 17.4% higher.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. and Nanosonics Limited. The Motley Fool Australia has recommended Cochlear Ltd. and Nanosonics Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.