The benchmark S&P/ASX 200 index was out of form last month. A soft finish led to the index falling 24.9 points or 0.4% in October.
Not all shares tumbled lower with the market, though. Here’s why these four shares were the best performers on the benchmark index in October:
The CYBG PLC (ASX: CYB) share price was the best performer on the ASX last month with a gain of 24.5%. Investors appear to have been buying the UK-based bank’s shares due to positive developments in relation to Brexit. Another potential driver was its valuation. CYBG’s shares had fallen heavily this year. Some investors may believe they were oversold and were trading at an attractive level. In other news, CYBG has just announced that it will now be known as Virgin Money UK PLC.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price was on fire in October and rose a massive 23.8%. Investors were fighting to get hold of the biopharmaceutical company’s shares last month after it provided an update on its SCENESSE product. That update revealed that the U.S. FDA has approved the product for the treatment of Erythropoietic protoporphyria (EPP) in adults in the United States. This is a major positive as no other product has approval in the country.
The Silver Lake Resources Limited (ASX: SLR) share price was on form in October with a 23.4% gain. Investors were buying the gold miner’s shares after the release of a strong first quarter update. During the quarter Silver Lake produced 61,929 ounces of gold equivalent at an all-in sustaining cost of A$1,260 per ounce. Furthermore, it sold 56,683 ounces of gold and 613 tonnes of copper during the quarter for an average price of A$1,995 per ounce. This means it is on track to achieve the high end of its sales guidance in FY 2020.
The Iluka Resources Limited (ASX: ILU) share price continued its recovery and rose 17.6% last month. A good portion of this gain came on the final day of the month following the mineral sands producer’s quarterly update. During the September quarter Iluka delivered a solid increase in production. It also announced a major review that could potentially mean the divestment of its Mining Area C royalty business. This could unlock significant value according to some analysts.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.