The S&P/ASX 200 Index (ASX: XJO) was on form in July and charged 2.9% higher after inflation started to cool.
Four ASX 200 shares that climbed more than most during the month are listed below. Here's why they smashed the market in July:
Megaport Ltd (ASX: MP1)
The Megaport share price was the best performer on the ASX 200 index in July with a 41% gain. Investors were scrambling to buy this network-as-a-service company's shares after it upgraded its guidance for FY 2023. Megaport now expects its normalised EBITDA for FY 2023 to be in the range of $19 million to $21 million. This compares to its previous guidance range of $16 million to $18 million. Management also expects its FY 2024 EBITDA to be higher than prior guidance.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price was some way behind as the next best performer on the ASX 200 with a gain of 23%. This was driven by news that the travel agent giant has upgraded its earnings guidance for FY 2023. Flight Centre now expects underlying EBITDA between $295 million and $305 million. This is up from between $270 million and $290 million previously.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price was close behind with a gain of 22% in July. The catalyst for this was news that the horticulture company received a $3.50 per share non-binding takeover offer from Paine Schwartz Partners. Further due diligence and negotiations on a potential scheme implementation agreement are continuing.
Block Inc (ASX: SQ2)
The Block share price was on form last month and charged 21% higher. This was driven by improving sentiment on Wall Street after inflation cooled and appeared to suggest that the rate hike cycle was coming to an end. Despite this gain, the payments company's shares are still only up 9% over the last 12 months.
