These were the best performing ASX 200 shares in April 2024

These shares overcame the market sell-off last month and delivered very strong gains.

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The S&P/ASX 200 Index (ASX: XJO) had a disappointing month in April. Concerns over sticky inflation and tensions in the Middle East led to the benchmark index losing a sizeable 3% during the period.

The good news is that not all ASX 200 shares tumbled with the market. Some even managed to deliver very strong returns for their shareholders.

Here's why these were the best performers on the index in April:

Emerald Resources NL (ASX: EMR)

The Emerald Resources share price was the best performer last month with a gain of 20.8%.

Investors were buying the gold miner's shares for a number of reasons. One was a strong rise in the precious metal, thanks to central bank purchases and safe-haven demand. This gave the whole gold sector a boost and led to many large gains from ASX 200 gold shares.

Another reason was its strong quarterly update. Emerald Resources' Okvau Gold Mine in Cambodia delivered production of 28,539 ounces, which was at the upper end of its guidance range of 25,000 ounces to 30,000 ounces per quarter.

In other news, the company's proposed takeover of Bullseye Mining gathered pace, and it proceeded to a compulsory acquisition.

South32 Ltd (ASX: S32)

The South32 share price wasn't far behind, with a gain of 19.7% in April.

Favourable movements in commodity prices gave this diversified miner a big boost last month. As did the release of its third-quarter update. That update revealed that South32's production in FY 2024 is largely in line with expectations year to date. As a result, the company remains on track to achieve almost all its guidance for the financial year.

Newmont Corporation (ASX: NEM)

The Newmont share price was the next best performer on the ASX 200, with a gain of 18.6% over the period.

This was once again driven partly by a strong rise in the gold price last month. In addition, the gold miner's quarterly update went down well with the market.

Although Newmont reported a 4% decline in gold production to 1,675,000 ounces, this couldn't stop the company from delivering strong profit growth. The Newcrest owner reported adjusted net income growth of 39.4% to US$630 million. This led to earnings per share of US$0.55, which was notably better than the consensus estimate of US$0.36 per share.

For similar reasons, fellow gold miners RED 5 Limited (ASX: RED) and Silver Lake Resources Ltd (ASX: SLR) were not far behind with gains of 18.4% and 17.7%, respectively.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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