The S&P/ASX 200 Index (ASX: XJO) had a volatile month in October with plenty of ups and downs. However, the benchmark index ultimately ended the period with a monthly decline of 1.3% to 8,160 points.
But not all shares fell with the market last month. In fact, some made their shareholders smile with stellar gains.
Let's take a look at the best performers on the ASX 200 in October. They are as follows:
Arcadium Lithium (ASX: LTM)
The Arcadium Lithium share price was the best performer on the ASX 200 index last month with a massive 94% gain. This was driven by news that the lithium miner has agreed to be taken over by mining giant Rio Tinto Ltd (ASX: RIO). The mining behemoth will acquire Arcadium Lithium through an all-cash transaction for US$5.85 per share (A$8.71 per share). This values Arcadium Lithium at approximately US$6.7 billion (A$10 billion). Rio Tinto's CEO, Jakob Stausholm, said: "Acquiring Arcadium Lithium is a significant step forward in Rio Tinto's long-term strategy, creating a world-class lithium business alongside our leading aluminium and copper operations to supply materials needed for the energy transition."
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price was some way back as the next best performer with a gain of 36%. Investors were buying the pharmacy chain operator and distributor's shares in response to an update on its proposed acquisition of Chemist Warehouse. Sigma revealed that it has offered to make court-enforceable undertakings to help satisfy competition concerns. It seems that the market believes this could be enough to get the deal approved by the ACCC. The competition regulator is expected to make a decision on the proposal next week.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price was on form and raced 33% higher in October. The catalyst for this was the release of the gold miner's first quarter update. Regis Resources reported that total group production for the three months came in at 94,500 ounces. This means that the company is on track to achieve its full year production guidance of 350,000 ounces to 380,000 ounces. Management also advised that it generated $85 million in cash during the three months, boosting its cash and bullion balance to $380 million. The gold price breaking records during the month also gave its shares a boost.
Insignia Financial Ltd (ASX: IFL)
The Insignia Financial share price delivered the goods for investors last month and recorded a gain of 26%. During the period, the financial services company revealed that OnePath Custodians, together with Zurich Australia and ANZ Group Holdings Ltd (ASX: ANZ), reached an agreement to settle a class action commenced by Slater and Gordon in 2020 for a total of $50 million. In addition, it released its first quarter update and revealed that funds under management and administration increased by $8.3 billion (+2.7%) to $319.6 billion.
