It certainly was a great month for the S&P/ASX 200 Index (ASX: XJO) in March. During the period, the benchmark index rose an impressive 6.4% to end it at 7,499.6 points.
While a good number of shares pushed higher with the market, some climbed more than most. Here’s why these were the best performers on the ASX 200 last month:
Uniti Group Ltd (ASX: UWL)
The Uniti share price was the best performer on the ASX 200 in March with a 43.3% gain. Investors were fighting to get hold of this telco’s shares amid speculation that it was in takeover talks. Uniti eventually confirmed this speculation, revealing that Morrison & Co. had tabled a non-binding $4.50 cash per share offer to acquire the company. However, following a higher bid from Macquarie Group Ltd (ASX: MQG), Morrison later bumped its offer by 11% to $5.00 per share.
AVZ Minerals Ltd (ASX: AVZ)
The AVZ Minerals share price wasn’t too far behind with a gain of 35%. Last month this lithium developer’s shares were added to the ASX 200 index at the quarterly rebalance. In addition, positive sentiment in the lithium industry and recent developments at its Manono Lithium and Tin Project in the Democratic Republic of the Congo may have supported its shares. The latter includes the company committing to invest $25 million to advance the drilling program at the project.
EML Payments Ltd (ASX: EML)
The EML share price was on form and charged 27% higher over the period. A rebound in the tech sector and its expansion into a new market may have been the drivers of this gain. In respect to the latter, the payments company announced that it has entered the Employee Benefits Market (EBM) in Europe through a multi-year agreement with Up Spain. The EBM is worth over A$88 billion globally.
Computershare Limited (ASX: CPU)
The Computershare share price was a strong performer and rose 17.7% during the month. This was despite there being no news out of the stock transfer company. Though, with the outlook for interest rate increases becoming even more positive, investors may be expecting this to be a big boost to Computershare’s income. In addition, a note out of UBS last month saw the broker retain its buy rating and increase its price target to $27.00.