The S&P/ASX 200 Index (ASX: XJO) was out of form in November and recorded its third consecutive monthly decline. The benchmark index fell 0.9% over the period to end at 7,256 points.
The good news is that this didn't stop some ASX 200 shares from storming higher. Here's why these were the best performers on the index last month:
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Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price was the best performer on the ASX 200 last month with a 35.9% gain. Investors were buying the nickel producer's shares following the release of an update on its Angel Nickel project. That update revealed that the first production from the project is expected in the first quarter of 2022. This is well ahead of the October 2022 contractual delivery date for the commencement of commissioning. In addition, an agreement to expand its partnership with Shanghai Decent also gave its shares a boost. That deal will see Nickel Mines acquire a 70% interest in Shanghai Decent's Oracle Nickel Project.
Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price was a strong performer and jumped 22.1% in November. This gain appears to have been driven by an improving outlook for the iron ore price. This was due to favourable policies in China which analysts feel could put a floor on prices. In addition, news that its Fortescue Future Industries business has signed a jet fuel deal went down well with investors.
EML Payments Ltd (ASX: EML)
The EML Payments share price wasn't far behind with a 22% gain over the period. Investors were scrambling to buy this payments company's shares following the release of an update on its dealings with the Central Bank of Ireland. The central bank advised that it will allow EML's PFS Card Services Ireland business to sign new customers and launch new programs. In addition, broad-based reductions in limit controls on programs will not be imposed. This has eased concerns that the business could lose its licence to operate in key European market.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price was a positive performer and charged 21% higher during the month. This may have been driven partly by news that the Greenland Government has passed legislation that essentially blocks Greenland Minerals Ltd (ASX: GGG) from developing a major rare earths project. Greenland Minerals has previously said that it believes its Kvanefjeld rare earth project has the potential to become the most significant western world producer of rare earths.
Megaport Ltd (ASX: MP1)
The Megaport share price was on form and raced 19.2% higher in November. A key driver of this was a bullish broker note out of Macquarie. The broker initiated coverage on the network as a service company with an outperform rating and $24.00 price target. Macquarie believes Megaport is well-placed for growth over the coming years.
