Despite battling tough trading conditions, the S&P/ASX 200 Index (ASX: XJO) managed to record a decent gain last month. The benchmark index rose 1.1% to end the period at 7,049.1 points.
While a number of shares climbed higher with the market, some recorded bigger gains than others. Here's why these were the best performing ASX 200 shares in February:
NRW Holdings Limited (ASX: NWH)
The NRW share price was the best performer on the ASX 200 last month with a 37.6% gain. Investors were buying this mining contractor's shares following the release of a better than expected half year result. For the six months ended 31 December, NRW delivered a 26% increase in operating earnings to $74.6 million. In light of this strong form, management has updated and narrowed its full year guidance towards the top end of its previous range.
Cimic Group Ltd (ASX: CIM)
The Cimic share price wasn't far behind with a gain of 36% in February. This strong gain was driven by news that the engineering company has received a hostile takeover approach. According to the release, Cimic's majority shareholder, HOCHTIEF, is planning to make an off-market takeover offer of $22 cash per share.
Sims Ltd (ASX: SGM)
The Sims share price was on form and charged 26.9% higher over the month. Investors were buying the scrap metal company's shares following the release of a strong half year result. For the first half, Sims reported a 74% increase in revenue to $4,265 million and a 541% jump in underlying EBIT to $361.7 million. Management advised that this was driven by "higher sales volumes and higher material prices, combined with disciplined margin management."
Nufarm Ltd (ASX: NUF)
The Nufarm share price was a strong performer and rose 25.1% over the period. This agricultural chemicals company's shares were in demand with investors in February following the release of a very upbeat trading update. According to the release, Nufarm's first quarter revenue grew 36% over the prior corresponding period. Management advised that this was supported by favourable weather conditions.
