June was a tough month for the S&P/ASX All Ordinaries Index (ASX: XAO) which lost 9.6% of its value over the period.
But these ASX shares had a ripsnorter, with the top-performer gaining more than 60% in new value.
Here are the five best-performing ASX shares of the month.
- Silex Systems Ltd (ASX: SLX) up 60.9%
- Tassal Group Limited (ASX: TGR) up 30.9%
- Tabcorp Holdings Limited (ASX: TAH) up 17.7%
- Sigma Healthcare Ltd (ASX: SIG) up 16%
- Pacific Smiles Group Ltd (ASX: PSQ) up 14.6%.
Why did these ASX shares fly…
It appears these five ASX shares went higher largely because their companies had great news to share with the market in June.
Their share price rises are likely a result of factors unique to their businesses. Put simply, that's why they went up while the All Ords went down.
The companies released the following positive news to the ASX in June:
- Silex Systems announced the execution of a non-binding letter of intent with the largest producer of carbon-free energy in the United States
- Tassal got a third, increased takeover offer from Canada's Cooke Inc
- Tabcorp announced it had settled its legal dispute with Racing Queensland
- Sigma did not release any price-sensitive news to the ASX in June, but it experienced a two-day price spike after its former general manager was jailed for insider trading
- Pacific Smiles announced an increase in patient fees in May 2022 vs. May 2021, which was the first positive comparable result since November 2021.
And why did the ASX All Ords drop?
The index fell due to investor concerns over macro-economic issues, namely rising inflation and interest rates.
At the start of the month, the Reserve Bank of Australia raised the official cash rate by 50 basis points. This was a big move and the first time the RBA has made a change of this size in a decade.
Meantime costs of living are rising — particularly electricity.
The resulting negative sentiment has led to less buying support in the ASX share market and a drop in value for the All Ords.
