These were the 5 best performing ASX 200 shares in November

These ASX 200 shares were on form in November…

| More on:
A woman throws her hands in the air in celebration as confetti floats down around her, standing in front of a deep yellow wall.

Image source: Getty Images

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:

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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

Motley Fool contributor 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 has recommended EML Payments and MEGAPORT FPO. The Motley Fool Australia owns shares of and has recommended EML Payments. 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.

More on Share Gainers

Young woman in yellow striped top with laptop raises arm in victory
Share Gainers

These were the best performing ASX 200 shares last week

The S&P/ASX 200 Index (ASX: XJO) had a week to forget after the US Federal Reserve indicated that it would start to …

Read more »

An oil miner with his thumbs up.
Energy Shares

Why are AGL (ASX:AGL) shares having such a stellar start to 2022 while the ASX 200 is struggling?

Key points AGL was one of the worst performing ASX 200 shares of 2021 But 2022 has given this company …

Read more »

Concept image of a businessman riding a bull on an upwards arrow.
Share Gainers

Why Champion Iron, Dusk, Hipages, and Imugene shares are charging higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is rebounding strongly from recent declines. At the time of writing, …

Read more »

a smiling woman holds up two fingers and winks.
Share Gainers

Top 2 ASX 200 shares of the year so far revealed

S&P/ASX 200 Index (ASX: XJO) shares as a whole haven’t gotten off to the strongest of starts in 2022. After …

Read more »

a man looks down at his phone with a look of happy surprise on his face as though he is thrilled with good news.
Share Gainers

Why Beach, Jumbo, Premier Investments, and Western Areas are pushing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of …

Read more »

A man in a blue collared shirt sits at his desk doing a single fist pump as he watches his Neometals shares rising on his laptop
Resources Shares

Why is the BHP (ASX:BHP) share price leaping ahead today?

The S&P/ASX 200 Index (ASX: XJO) has unfortunately slipped into negative territory so far this Thursday, after an initially strong market …

Read more »

Businessman in suit and holding a briefcase jumps into the sky celebrating the rising Enero share price
Share Gainers

‘Exclusive provider’: Genworth (ASX:GMA) share price leaps 12% on CBA deal

Key points Genworth is cruising today following a company announcement The company has been selected as the exclusive provider of …

Read more »

A group of people cheer at a blackjack table in a casino
Share Gainers

Why the PointsBet (ASX:PBH) share price is rocketing 9% today

Key points The online gambling market continues to grow West Virginia becomes the third US state to host PointsBet’s online …

Read more »