The S&P/ASX 200 Index (ASX: XJO) continued its recovery in May with a very strong gain.
The easing of COVID-19 restrictions and a potential vaccine in the works helped drive the benchmark index 4.2% higher for the month.
And while a good number of shares were on form during the month, some sparkled more than others.
Here's why these were the best performing shares on the ASX 200 in May:
The Southern Cross Media Group Ltd (ASX: SXL) share price was the best performer on the index with a massive 71.4% gain. It looks as though bargain hunters were snapping up the media company's shares in May. Its shares have been hammed this year and are still trading 76% lower than their 52-week high despite this gain.
The Afterpay Ltd (ASX: APT) share price was a standout performer last month with a 52% gain. This strong gain was driven by two key pieces of news. The first was the arrival of Tencent Holdings on its share registry as a substantial shareholder. Investors appear to believe the massive Chinese conglomerate could help Afterpay expand into Asia. The other news that went down well with investors was its impressive customer growth in the United States. After two years in the country, Afterpay now has 5 million active customers.
The Nearmap Ltd (ASX: NEA) share price was on form in May and raced 49.7% higher. A good portion came at the end of the month when the aerial imagery technology and location data company released a market update. That update revealed that its annualised contract value (ACV) had hit $102 million financial year to date. This puts it well on course to achieve its full year ACV guidance of $103 million to $107 million. Another positive was that it is on track to be cash flow breakeven by the end of FY 2020.
The Webjet Limited (ASX: WEB) share price was a strong performer last month and jumped 35.2% higher. Investors were buying travel shares on the belief that tourism markets could recover quicker than anticipated. There has even been talk of a trans-Tasman travel bubble being created in the coming months. This would be great news for Webjet and limit the cash burn it is experiencing.
