ASX shares had a tough time in March as coronavirus concerns gripped global markets. The S&P/ASX 200 Index (ASX: XJO) fell 21.18% lower last month and slipped into a bear market.
But despite the downturn, these 3 ASX 200 shares managed to climb at least 10% higher over the month. So, what's driving their share prices higher and is there still time to buy?
Metcash Limited (ASX: MTS)
The Metcash share price led the ASX 200 gainers in March, surging 27.53% throughout the month. That translates to a relative outperformance of 48.71% from the Aussie retailer against the benchmark index.
Metcash owns and operates a number of retail stores including IGA and Home Timber and Hardware. The group's supermarkets business should see a boost in earnings after the recent panic buying we saw in supermarkets across the country. Even without the panic buying, supermarkets are seeing a surge in demand as restaurants shutdown and Aussies look to increase their supplies.
If I had $1,000 to invest in ASX 200 shares, Metcash could be a strong defensive option for the foreseeable future.
Bega Cheese Ltd (ASX: BGA)
If you follow the supply chains of the supermarkets, you'll find Bega Cheese. The ASX 200 dairy group's shares surged 13.09% higher in March to $4.58 per share. Strong demand for dairy products in stores should flow through to Bega's earnings figures.
That's boosted investors' hopes in the Aussie dairy group and sent its share price climbing higher. If you have some cash to invest, Bega could be another defensive ASX 200 share to buy right now.
Nextdc Ltd (ASX: NXT)
Nextdc owns and operates a number of data centres across Australia. The Nextdc share price jumped 13.05% in March and it could be one of those ASX 200 shares with long-term growth potential.
The complete overhaul of workplaces in terms of working remotely has put Nextdc in the box seat for more expansion. Once the pandemic passes, we could see more investment in their data security and off-site data storage capabilities.
Nextdc is one share that could have short-term defensive capabilities and long-term growth, which might just tip it into the buy basket right now.
