The S&P/ASX 200 Index (ASX: XJO) was on form in June and recorded a decent monthly gain. Over the period, the benchmark index rose 1.6% to 7,203.3 points.
Four ASX shares that smashed this return are listed below. Here's why they were the best-performing ASX 200 shares in June:
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Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price was the best performer on the ASX 200 last month with a 33% gain. Investors were scrambling to buy this uranium developer's shares at the start of the month after the company confirmed that it wasn't going to have its mine usurped by the Namibian government. The government advised: "The Government has no intention to seize any stake from existing mineral or petroleum licence holders and remain committed to uphold the sanctity of contract."
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price was some way behind with a gain of 20% in June. This appears to have been driven by an encouraging funds under management (FUM) update from the struggling fund manager. In May, Magellan experienced net outflows of $0.5 billion. This reflects net retail outflows of $0.5 billion, with net institutional flows remaining flat. Investors may believe the FUM outflow bloodbath is now behind the company.
Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price was on form and raced 16.2% higher last month. This is despite there being no news out of the debt collection company. However, by the end of May, its shares had lost almost a third of their value from their February high. Some investors may believe this left them in bargain territory.
AUB Group Ltd (ASX: AUB)
The AUB share price had a strong month and pushed 16.2% higher in June. Investors were buying the insurance broker's shares despite there being no major news out of it. One thing that did happen, though, was the completion of its $15 million share purchase plan. Demand was so strong that AUB received valid applications worth $37 million.
