These were the best performing ASX 200 shares in January

Pro Medicus Limited (ASX:PME) and Zip Co Ltd (ASX:Z1P) shares were among the best performers on the ASX 200 in January…

| More on:
Young woman in yellow striped top with laptop raises arm in victory

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

A disappointing final week of the month led to the S&P/ASX 200 Index (ASX: XJO) climbing just 0.3% to 6,607.4 points in January.

Fortunately, a good number of ASX 200 shares outperformed the benchmark index by some distance. Here's why these were the best performers in January:

Zip Co Ltd (ASX: Z1P)

The Zip share price was the best performer on the ASX 200 in January with a massive 37.4% gain. Investors were buying the buy now pay later provider's shares following the release of a strong second quarter update. During the three months ended 31 December, the buy now pay later provider delivered a 103% increase in transaction volume to a record $1.6 billion. A key driver of this strong form was Zip's US-based QuadPay business, which recorded explosive growth despite the increasing competition from PayPal and Shopify. QuadPay reported a 217% increase in transaction volume to $673.1 million, which was driven by a 180% lift in customer numbers to 3.2 million and a 655% jump in merchants to 8,400 in the key market.

Bingo Industries Ltd (ASX: BIN)

The Bingo share price was a strong performer over the month and jumped a sizeable 32.4%. The catalyst for this was news that the waste management company has received a takeover approach from a private equity firm. BINGO received an unsolicited, highly conditional, non-binding, indicative proposal from funds advised by CPE Capital. The indicative cash price currently offered to BINGO shareholders under the proposal is $3.50 per share.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price was on form last month and recorded an impressive 25.4% gain. Investors were buying the health imaging software company's shares after it announced another major new contract win. According to the release, Pro Medicus has signed a $40 million seven-year contract with Salt Lake City based Intermountain Healthcare. Management advised that the agreement will see its Visage 7 Viewer and Visage 7 Open Archive products implemented across all of Intermountain's radiology and subspecialty imaging departments. Impressively, this is the fifth major contract win Pro Medicus has announced in the space of six months.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price wasn't far behind with a sizeable gain of 20.1% over the month. Investors were buying the rare earths producer's shares after it provided the market with an update on its US activities. According to the release, the company has entered into an agreement with the United States Government to build a commercial Light Rare Earths separation plant in Texas. The U.S. government will provide funding of approximately US$30 million for its construction. In addition to this, last month Lynas released its second quarter update and revealed record quarterly sales revenue of $119.4 million. This was up from $87.3 million in the first quarter.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »