The S&P/ASX 200 Index (ASX: XJO) had a tough first quarter of 2025, losing a disappointing 3.9% of its value over the three months.
The good news is that there were some shining lights in an otherwise difficult period.
For example, the three ASX 200 shares listed below defied the doom and gloom to record strong gains. Here's why they were the best performers on the benchmark index:
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West African Resources Ltd (ASX: WAF)
The West African Resources share price was the best performer on the index during the quarter with a 61% gain. This was driven partly by the release of a strong full year result in March. West African Resources reported revenue of $730 million and a 49% jump in profit after tax to $246 million for the year. Its CEO, Richard Hyde, said: "WAF's Sanbrado production centre delivered another strong result in 2024 producing 206,622 ounces of gold at US$1,240 per ounce AISC, generating A$252 million cashflow from operations and A$246 million NPAT." Another positive is that the Kiaka operation's construction remains on schedule and on-budget for first gold in Q3 2025.
Also giving its shares a boost was the gold price hitting record after record during the quarter. This lifted a number of ASX 200 gold shares. For example, Regis Resources Ltd (ASX: RRL) shares were up 54%, Genesis Minerals Ltd (ASX: GMD) shares rose 50%, Evolution Mining Ltd (ASX: EVN) shares climbed 48%, and Gold Road Resources Ltd (ASX: GOR) shares jumped 41%.
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price was on form during the three months and raced 37% higher. Investors were buying the infant formula company's shares following the release of its half year results. A2 Milk posted a 10.1% increase in revenue to NZ$893.8 million and 5% lift in EBITDA to NZ$118.9 million. In addition, management upgraded both its revenue and EBITDA margin guidance for FY 2025. It revealed that it now expects revenue growth in the low to mid double-digits (from mid to high single-digit growth) with an EBITDA margin slightly up year on year (from being broadly in line). Also getting investors excited was A2 Milk declaring its first ever dividend.
Megaport Ltd (ASX: MP1)
The Megaport share price defied the tech selloff and rallied 31% higher during the period. This was driven by the release of a strong half year result from the network as a service operator. Megaport reported an 18% increase in annualised recurring revenue (ARR) to $226.6 million and a 12% lift in gross profit to $74.7 million. The company also pleased the market by increasing its guidance for FY 2025. This may have led to to some short sellers buying back shares to close positions, causing a short squeeze.
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price was up 27% in the first quarter. The catalyst for this was the auto retailer's full year results release. Eagers Automotive reported a 13.6% increase in revenue to $11.2 billion and record underlying EBITDAI of $550.4 million. This led to the company maintaining its fully franked dividend at a record of 50 cents per share. Investors appear to have been fearing for the worst given the tough economic environment, so this solid result went down well with them.
