The S&P/ASX 200 Index (ASX: XJO) managed to carve out a small gain in February. The benchmark index rose 0.2% over the period.
Doing some of the heavy lifting were the ASX 200 shares listed below which recorded very strong gains in February.
Here's why they were the best performers on the benchmark index last month:
Image source: Getty Images
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price was the best performer on the ASX 200 with a 40.9% gain. Investors were scrambling to buy the fashion jewellery retailer's shares following the release of a strong half-year result. Lovisa defied consumer spending weakness and delivered an 18.2% increase in revenue to $373 million and a 12% lift in net profit after tax to $53.5 million.
Altium Ltd (ASX: ALU)
The Altium share price wasn't far behind with an impressive 30.4% gain. This was driven by news that the electronic design software company received and accepted a takeover offer from Japan's Renesas. If all goes to plan, Renesas will acquire Altium by way of a scheme of arrangement for a cash price of $68.50 per share. This represents a 33.6% premium to its last close price and values Altium's equity at $9.1 billion.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price was on form and recorded a 29.4% gain during February. Investors were fighting to get hold of the logistics solutions company's shares following the release of its half-year results. Wisetech reported a 32% increase in revenue to $500 million and 23% lift in EBITDA to $230 million. The key driver of its first-half growth was the CargoWise business, which reported a 40% increase in revenue to $421 million.
Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance share price was a strong performer and rose 29.3% last month. This follows the release of the plumbing parts company's half-year results. Reliance revealed a 2% decline in sales but a modest lift in net profit after tax for the half. While on paper this may not looking overly impressive, it was comfortably ahead of consensus estimates and garnered positive responses from brokers.
