The S&P/ASX 200 Index (ASX: XJO) managed to carve out a small gain in August despite the market volatility. The benchmark index rose 0.6% to end the period at 6,986.8 points.
Four ASX shares that smashed the market last month are listed below. Here's why they were the best performers on the ASX 200 in August:
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price was the best performer on the ASX 200 last month with a whopping 41% gain. The heavily shorted lithium share was given a major boost after analysts at Macquarie raised their lithium forecasts materially on the belief that supply will remain very tight for the foreseeable future. For the same reason, fellow lithium miners Pilbara Minerals Ltd (ASX: PLS) and Liontown Resources Limited (ASX: LTR) both rose approximately 32% in August.
OZ Minerals Limited (ASX: OZL)
The OZ Minerals share price was on fire and stormed 36% higher last month. Investors were scrambling to buy this copper producer's shares after it received and rejected a takeover approach from BHP Group Ltd (ASX: BHP). The company's board believed the $25.00 per share offer significantly undervalued OZ Minerals and was not in the best interests of shareholders.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was a strong performer with a 25.6% gain in August. Rising coal prices and a massive FY 2022 profit helped drive this miner's shares higher last month. In respect to the latter, for the 12 months ended 30 June, Whitehaven Coal reported 216% increase in revenue to $4.9 billion and a record net profit after tax of $1.95 million. This allowed the company to pay a fully franked final dividend of 40 cents per share, which took its full year dividend to 48 cents per share.
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price wasn't far behind with a gain of 22.2% last month. Investors were buying this infant formula company's shares following the release of a surprisingly strong full year result late in the month. As well as delivering revenue and earnings ahead of expectations, the company's guidance also surprised to the upside. Another positive was that A2 Milk announced a NZ$150 million share buyback.
