These 3 ASX 200 shares have had a stellar month. Is there more upside to come?

A strong rally across the resources sector has lifted several heavyweight S&P/ASX 200 Index (ASX: XJO) shares over the past month. Higher commodity prices, solid operational updates and a busy reporting calendar have all helped sentiment.

Here are 3 ASX 200 shares that have stood out with impressive gains over the last 4 weeks.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up 1.40% today to $164.86 and has climbed more than 15% over the past month.

The world’s largest iron ore producer has benefited from firmer iron ore prices and renewed optimism around global infrastructure spending. Investors are also positioning ahead of Rio Tinto’s upcoming full-year results, which are due on 19 February.

Rio Tinto’s Pilbara iron ore operations remain a key strength, generating significant cash flow even in volatile markets. Meanwhile, exposure to copper, aluminium and lithium provides diversification as demand for electrification and energy transition metals continues to grow.

With a strong balance sheet, disciplined capital management and a history of very generous dividends, Rio Tinto remains a core income stock for many investors. The recent share price rally suggests the market is expecting a solid result later this month.

Evolution Mining Ltd (ASX: EVN)

Evolution Mining has delivered one of the strongest performances of the group.

The Evolution share price is up 8.21% today to $16.21 and has surged around 26% over the past month. The move follows the release of the company’s half-year results today, which impressed the market.

Evolution reported record half-year earnings, driven by higher gold prices, strong operating margins and disciplined cost control. Cash flow was a major highlight, allowing the company to declare a 20 cents per share fully franked interim dividend.

Gearing is now at low levels and multiple growth projects are underway. This has boosted confidence that Evolution can deliver strong returns even if gold prices ease from recent highs.

South32 Ltd (ASX: S32)

The South32 share price is up 0.87% today to $4.63 and has risen more than 20% over the past month.

The diversified miner has benefited from improving sentiment across base metals, particularly aluminium, copper and manganese. South32 also offers exposure to longer-term growth tailwinds from electrification and infrastructure spending.

Investors are now looking ahead to South32’s half-year results, which are expected to be released tomorrow. With commodity prices higher than a year ago and costs showing signs of stabilising, expectations are building for a solid update.

The company’s strong balance sheet and capital return potential have also helped underpin the recent rally.

The post These 3 ASX 200 shares have had a stellar month. Is there more upside to come? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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.