The S&P/ASX 200 Index (ASX: XJO) was well and truly back on form in October. The benchmark index roared 6% higher during the month.
As impressive as this was, some ASX 200 shares managed to deliver even stronger gains! Here's why these were the best performers on the index last month:
Liontown Resources Limited (ASX: LTR)
The Liontown share price was the best performer on the ASX 200 in October with a 26.8%. Last month, the lithium developer announced the approval of the mining proposal and works approval by the Western Australian Government for a 4Mtpa operation at the Kathleen Valley Lithium Project. This allowed major site works to commence
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price wasn't far behind with a 25% gain. Investors were buying this lithium miner's shares thanks to booming prices of the battery making ingredient and news that its Finniss lithium mine was officially open for business.
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price was a strong performer in October with its 24% gain. This appears to have been driven by a promising update from its US parent which revealed improving sales trends globally. Despite this strong gain, the pizza chain operator's shares are still down almost 50% in 2022.
Hub24 Ltd (ASX: HUB)
The Hub24 share price wasn't far behind with a gain of 21.5% last month. Investors were buying this investment platform provider's shares following the release of a strong quarterly update. According to the release, Hub24 recorded platform net inflows of $3 billion for the three months. This took its total funds under administration to $52.4 billion. This was driven by continued growth in the number of advisers on its platform.
Perseus Mining Limited (ASX: PRU)
The Perseus Mining share price was a strong performer and rose 20.1% in October. This followed the release of a strong quarterly update late in the month. That update revealed production that was well ahead of the market's expectations. In light of this strong start, analysts at Macquarie suspect that the miner could outperform its production guidance.
Challenger Ltd (ASX: CGF)
The Challenger share price was just a touch behind with a gain of 20% last month. Investors were buying this annuities company's shares after it released its quarterly update and announced an agreement to divest its banking operations. In respect to its update, Challenger's Life sales were up an impressive 33% during the first quarter to $2.8 billion. Whereas for the latter, the company has agreed to sell its Australian bank to Heartland Group Holdings Ltd (ASX: HGH) for $36 million.
