Thanks to a strong rebound during the month of March, the S&P/ASX 200 Index (ASX: XJO) managed to record a 0.7% gain to 7,499.6 points during the first quarter.
A number of shares performed notably better during the three months, delivering very strong gains for their shareholders. Here's why these were the best performing ASX 200 shares during the quarter:
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AVZ Minerals Ltd (ASX: AVZ)
The AVZ Minerals share price was the best performer on the ASX 200 during the first quarter with a gain of 59.4%. This lithium explorer's shares were a late inclusion into the index, joining at the quarterly rebalance in March. This index addition, positive developments at its Manono Lithium and Tin Project in the Democratic Republic of the Congo, and sky high lithium prices helped drive its shares higher over the three months.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was just a fraction behind with a gain of 59% over the three months. Investors were scrambling to buy the coal miner's shares after coal prices surged to record highs during the period. This was driven by a material increase in demand for coal after European countries sought alternatives to reduce their exposure to Russian natural gas.
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price was on form during the quarter and recorded a 46.4% gain. Investors were bidding the energy producer's shares higher after the Russia-Ukraine crisis sparked fears of supply constraints in an already energy tight market. Oil prices climbed beyond US$120 a barrel to their highest levels since 2008 before settling at approximately US$100 a barrel at the end of the quarter.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price wasn't far behind with a gain of 43.6% during the three months. Once again, this was driven largely by a jump in commodity prices. The spot benchmark iron ore price surged higher during the quarter and was trading around US$150 a tonne at the end of it. In addition, the Canadian iron ore miner's shares were given a boost from the release of its third quarter update. Champion Iron reported EBITDA of C$122.1 million, which was well ahead of Goldman Sachs' estimate of C$87 million.
