A disappointing end to the month led to the S&P/ASX 200 Index (ASX: XJO) finishing the period with the smallest of monthly declines at 7,323.7 points.
The good news is that this didn't stop a number of shares from charging higher in October. Here's why these were the best performing ASX 200 shares last month:
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Perenti Global Ltd (ASX: PRN)
The Perenti share price was the best performer on the ASX 200 last month with a 23.6% gain. This appears to have been driven by a positive reaction to the mining services company's annual general meeting. At the meeting management retained its guidance and spoke positively about the future, noting that investments have been made to support its sustainable growth. In response to the meeting, Macquarie retained its outperform rating and lifted its price target to $1.10.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price wasn't far behind with a gain of 22.7% during the month. Investors were fighting to buy the investment platform provider's shares in October after the release of a strong first quarter update. Netwealth reported record first quarter net inflows of $4 billion, which took its funds under administration (FUA) to $52 billion. In response, Ord Minnett retained its buy rating and lifted its price target to $19.50.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake Resources share price was on form and charged 21.9% higher over the period. This appears to have been driven by a strong quarterly update by the gold miner. Silver Lake reported record quarterly gold production of 31,033 ounces at its Deflector operation. This took its group quarterly gold production to 64,947 ounces. In light of this, management believes it is well-positioned to deliver its FY 2022 group gold sales guidance of 235,000–255,000 ounces.
GUD Holdings Limited (ASX: GUD)
The GUD share price was a strong performer and rose 21.4% in October. There were a couple of catalysts for this strong gain. One was the release of a trading update at the Citi Australia & NZ Investment Conference. GUD revealed that demand for its products has remained resilient despite widespread and protracted lockdowns. As a result, GUD's revenue and EBIT are currently tracking in line with management's expectations. In addition, late on in the month, the company announced an agreement to acquire specialist lighting company Vision-X for US$53 million.
