A strong start to February was completely undone in the final week of the month, leading to the S&P/ASX 200 index falling 8.2% last month.
Fortunately, not all shares on the index recorded declines over the period. Some even managed to record solid gains. Here's why these ASX 200 shares were the best performers in February:
The IDP Education Ltd (ASX: IEL) share price was the best performer on the index in February with a solid 19.6% gain. Investors were fighting to get hold of the student placement and language testing company's shares after its half year results impressed the market. IDP Education delivered a massive 53% increase in EBITDA to $106.2 million. This was driven by a particularly strong performance from its student placement segment and supported by robust growth in the IELTS segment. Another positive was that the company revealed that the coronavirus outbreak was not having a meaningful impact on its business at this point.
The Cleanaway Waste Management Ltd (ASX: CWY) share price was the next best performer on the index last month with a gain of 11.2%. Investors were buying the waste management company's shares after its half year results and guidance for the full year impressed. Cleanaway delivered a 13.7% lift in underlying net profit after tax to $76.2 million in the first half. It expects even stronger growth in the second half.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price was on form in February with a gain of 10.1%. Investors were buying the healthcare company's shares after it upgraded its revenue and profit guidance for FY 2019. Management made the move after experiencing stronger than expected demand for its Homecare and Hospital products. One of the catalysts for this was strong sales growth in China following the coronavirus outbreak.
The Pinnacle Investment Management Group Ltd (ASX: PNI) share price wasn't far behind with a gain of 9.2% last month. The catalyst for this strong gain was the release of the investment management company's half year result early in the month. For the six months ended December 31, Pinnacle reported a first half profit of $13.8 million. This was up a sizeable 36.6% on the prior corresponding period.
