The S&P/ASX 200 Index (ASX: XJO) was on fire in November thanks to positive COVID-19 vaccine developments. The benchmark index rose an incredible 10% to end the period at 6,517.8 points.
While the majority of shares on the index climbed higher with the market, some recorded stronger gains than others.
Here’s why these were the best performing ASX 200 shares last month:
Unibail-Rodamco-Westfield CDI (ASX: URW)
The Unibail Rodamco Westfield share price was the best performer on the ASX 200 in November with a massive 73.1% gain. Investors were fighting to get hold of the shopping centre operator’s shares thanks to the aforementioned COVID-19 vaccine developments. The launch of a highly effective vaccine sooner than expected could give its struggling Westfield centres around the world a huge lift next year. Despite this incredible gain, the Unibail Rodamco Westfield share price is still down 55% since the start of the year.
Webjet Limited (ASX: WEB)
The Webjet share price wasn’t far behind with a 65.3% gain in November. This was also driven by the vaccine news. The prospect of an effective vaccine being released early next year could mean global travel markets recover far quicker than expected. In addition to this, the reopening of domestic borders also gave its shares a boost. For the same reasons, the Flight Centre Travel Group Ltd (ASX: FLT) share price jumped 52% last month.
Beach Energy Ltd (ASX: BPT)
The Beach share price was on form and stormed 49.2% higher last month. Investors were buying Beach and other energy producers after oil prices recovered strongly during the month. With the global economy tipped to recover quicker than anticipated from the pandemic, experts are expecting this to underpin a significant increase in demand for oil. For the same reason, the Oil Search Ltd (ASX: OSH) share price rose 41.6% over the month.
Virgin Money UK CDI (ASX: VUK)
The Virgin Money UK share price was a strong performer last month and jumped 40.9%. Investors were fighting to get hold of the UK-based bank’s shares after Pfizer released very positive data from its phase 3 COVID-19 vaccine trial. Given how bad the situation is in the UK, the possibility of a working vaccine being released by the end of the year has given investor sentiment a huge boost. This offset the release of a very disappointing full year result. For the 12 months ended 30 September, Virgin Money UK posted a 77% decline in full year underlying net profit to 124 million pounds.