The S&P/ASX 200 Index (ASX: XJO) was on form again in November and charged notably higher. The benchmark index rose 6.1% to finish at 7,284.2 points.
While a good number of shares climbed higher with the market, some recorded particularly strong gains during the month. Here's why these were the best performers on the ASX 200 last month:
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Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price was the best performer on the ASX 200 in November with a 45.2% gain. This follows a very eventful month for the copper miner, which included the appointment of a new CEO and completion of a $147 million institutional entitlement offer. But the key driver of its strong share price gain was a rebound in the copper price during the month.
Origin Energy Ltd (ASX: ORG)
The Origin Energy share price wasn't far behind with a stunning gain of 41.1%. The catalyst for this was news that the energy company has received an indicative, conditional, and non-binding proposal from Brookfield Asset Management and MidOcean Energy to acquire it for $9.00 cash per share. This represented a premium of almost 55% to its last close price.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price was on form and charged 35.9% higher during the month. Investors were buying this Canadian iron ore miner's shares after the steel making ingredient rebounded strongly. After starting the month at around US$80 a tonne, the iron ore price climbed above US$100 a tonne at the end of it.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price was a strong performer and recorded a 33.6% gain last month. This was driven by news that the company's 70%-owned Oracle Nickel Project within the Indonesia Morowali Industrial Park in Central Sulawesi has produced its first batch of nickel pig iron. A bullish note out of Bell Potter may also have given its shares a lift. The broker has reiterated its buy rating and lofty $1.71 price target on the nickel producer's shares.
