It was a month to forget for the S&P/ASX 200 Index (ASX: XJO) in June after rate hikes, recession fears, and rising inflation weighed on investor sentiment. Over the period, the benchmark index dropped 8.9% to finish at 6,568.1 points.
Fortunately, some shares were able to avoid the market selloff. Here’s why these were the best performers on the ASX 200 in June:
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price was the best performer on the ASX 200 in June with a 15.1% gain. This was driven by news that the gambling company has settled its Racing Queensland litigation for $150 million. This settlement was conditional on the commencement of legislation that will implement proposed reforms by the Queensland Government relating to the wagering taxation and racing industry funding model. These reforms are expected to be a very big boost to Tabcorp’s business.
Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price was a strong performer with a 12.1% gain during the month. The catalyst for this was news that IFM Global Infrastructure Fund picked up a 15% stake in the toll road operator with a view of making a takeover proposal. However, the company wasn’t biting and revealed that it denied a request from IFM for access to non-public information to help it form a proposal.
Iress Ltd (ASX: IRE)
The Iress share price was on form and rose 9.9% in June. This was despite there being no news out of the financial technology company or broker notes during the month. However, one fund manager that was buying shares last month was DNR Capital. It popped up with a 5.01% stake on 21 June. Its release shows several large purchases of shares during the month.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price had a good month and climbed 7.5%. All of this gain and more came in the final week of the month following the release of the KFC restaurant operator’s FY 2022 results. For the 12 months ended 1 May, Collins Foods delivered an 11.1% increase in revenue to $1,184,5 million and a 25% jump in underlying net profit after tax to $59.7 million. This was driven by growth across the business. A number of brokers responded positively and have tipped its shares to keep rising.