These were the best performing ASX 200 shares in April

Cleanaway Waste Management Ltd (ASX:CWY) and Megaport Ltd (ASX:MP1) shares were among the best performers on the ASX 200 in May…

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A happy woman raises her face in celebration, indicating positive share price movement on the ASX

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It certainly was a great month for the S&P/ASX 200 Index (ASX: XJO). The benchmark index had its best month of the year, rising 3.5% over the period to 7,025.8 points.

While a good number of shares rose with the market, some recorded particularly strong gains. Here’s why these were the best performers on the ASX 200 in April:

Megaport Ltd (ASX: MP1)

The Megaport share price was the best performer on the ASX 200 in April with a sizeable 29.7% gain. This was driven by the release of the elastic interconnection services provider’s third quarter update. For the three months ended 31 March, Megaport reported monthly recurring revenue (MRR) of $6.8 million. This was a lift of $0.5 million or 8% quarter-on-quarter and was driven by an increase in its footprint, ports, and customer numbers.

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price wasn’t far behind with a gain of 29.6% over the 30 days. Investors were buying the waste management company’s shares after it announced plans to make a major acquisition. Initially Cleanaway was intending to acquire Suez R&R Australia for $2.52 billion. And while that fell through due to Suez’s merger with fellow waste management giant Veolia, all was not lost. The company now has an agreement to acquire Suez’s Sydney assets for $500 million.

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price was on form in April and recorded a 25.6% gain. This appears to have been driven partly by a very bullish broker note out of Macquarie. According to the note, the broker likes Mineral Resources due to its exposure to two of the hottest commodities in the resources sector – iron ore and lithium. Its analysts put an outperform rating and $61.00 price target on its shares.

Champion Iron Ltd (ASX: CIA)

The Champion Iron share price was a strong performer, jumping a sizeable 24.3% in April. Investors were buying the iron ore producer’s shares after the price of the steel-making ingredient surged to record highs. The spot iron ore price is now threatening to surpass the US$200 a tonne mark for the first time. This is being driven largely by insatiable demand for the metal in China thanks to strong steel margins.

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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 and recommends MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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