These were the best performing ASX 200 shares in May 2024

These shares made their shareholders smile in May.

A man wearing glasses and a white t-shirt pumps his fists in the air looking excited and happy about the rising OBX share price

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The S&P/ASX 200 Index (ASX: XJO) had a relatively decent time in May. During the month, the benchmark index rose by 0.5% to end the period at 7,701.7 points.

While that was positive, a number of ASX 200 shares smashed the market with significantly stronger returns.

Here are the best performing ASX 200 shares in May:

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price was the best performer on the ASX 200 in May with a gain of 20.6%. The majority of this came on the final day of the month after investors responded very positively to a trial update. The radiopharmaceuticals company released additional positive data from the ProstACT SELECT trial of TLX591. It is a lutetium-labelled rADC therapy for the treatment of adult patients with PSMA-positive metastatic castrate-resistant prostate cancer. Telix's chief medical officer, Dr David N. Cade, commented that: "TLX591 is a radio-ADC with significant potential advantages compared to small molecule radiopharmaceuticals in treating prostate cancer."

PEXA Group Ltd (ASX: PXA)

The PEXA share price wasn't too far behind with a gain of 19.3% in May. This was driven by the property settlements technology company announcing that it is progressing a strategic partnership with UK banking giant NatWest. This partnership will see the UK lender utilise PEXA's world-leading digital property exchange technology to deliver 48-hour remortgage transactions to its customers. In addition, the bank will extend its use of the PEXA platform to speed up the handling of sale and purchase transactions.

Alumina Ltd (ASX: AWC)

The Alumina share price was on form last month and charged 16.6% higher. This gain relates to the company's proposed takeover by Alcoa Corp (NYSE: AA). As the aluminium giant is aiming to acquire Alumina in an all-scrip deal, the value of the offer rises and falls with the Alcoa share price. So, with Alcoa's shares rising strongly in May, the implied value of the offer increased with it. Alumina shareholders stand to receive 0.02854 Alcoa shares if the deal completes. This represents an offer of US$1.27 (A$1.91) per share at present.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle Investment Management share price had a strong month and rose 16.3%. This was despite there being no major news out of the investment management company in May. Though, it is worth noting that the company was the subject of a couple of bullish broker notes during the month. For example, Ord Minnett put a buy rating and $16.00 price target on its shares and Macquarie put an outperform rating and $14.52 price target on its shares. This compares favourably to its current share price $13.18.

Motley Fool contributor James Mickleboro has positions in Telix Pharmaceuticals. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended PEXA Group, Pinnacle Investment Management Group, and Telix Pharmaceuticals. The Motley Fool Australia has positions in and has recommended Pinnacle Investment Management Group. The Motley Fool Australia has recommended Telix Pharmaceuticals. 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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