These were the best performing ASX 200 shares in March

The S&P/ASX 200 Index (ASX: XJO) was out of form in March. Due largely to weakness in the banking sector, the benchmark index fell 1.1% to 7,177.8 points.

But that couldn’t stop some ASX 200 shares from delivering very strong returns last month.

For example, the four shares listed below were the strongest performers on the index over the period. Here’s why they smashed the market:

Liontown Resources Ltd (ASX: LTR)

The Liontown share price was the best performer on the ASX 200 in March with a stunning gain of 89.7%. This was driven by news that the lithium developer received and rejected a non-binding takeover proposal from industry giant Albemarle. Management labelled the offer as “opportunistic.” So, with Liontown’s shares now trading beyond Albemarle’s $2.50 per share offer, it seems that investors are betting on an improved proposal being made in the near future.

United Malt Group Ltd (ASX: UMG)

The United Malt share price was on form and raced 33% higher last month. This was also driven by a takeover approach. However, on this occasion, the maltster was receptive of the approach and revealed that it would accept the $5.00 per share offer from rival Malteries Soufflet if it became binding.

Capricorn Metals Ltd (ASX: CMM)

The Capricorn Metals share price was a strong performer and rose 25.6% last month. Investors were buying the gold miner’s shares after the price of the precious metal surged to almost US$2,000 an ounce. This was driven by increased demand for safe haven assets due to the banking crisis and optimism that interest rates won’t rise as much as previously expected.

InvoCare Limited (ASX: IVC)

The InvoCare share price wasn’t far behind with a gain of 24.4% in March. This funerals company was another takeover target, receiving an unsolicited, preliminary, non-binding indicative offer from private equity giant TPG. It offered to acquire 100% of InvoCare’s issued shares for $12.65 cash per share. However, the company’s board was not biting and informed TPG that its offer “does not provide compelling value for InvoCare shareholders.”

The post These were the best performing ASX 200 shares in March appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Liontown share price climbs as Albemarle continues loading up
• Don’t stress! The stock market is ‘a long way from a crisis’
• 5 things to watch on the ASX 200 on Friday

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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