Despite a disappointing finish to the month, the S&P/ASX 200 index recorded a gain of 1.3% in September.
Whilst a good number of shares pushed higher, some climbed more than most. Here's why these four shares were the best performers on the benchmark index in September:
The Bellamy's Australia Ltd (ASX: BAL) share price was the best performer on the S&P/ASX 200 index last month with a gain of 73.6%. Investors were fighting to buy the infant formula company's shares after it received a takeover approach from Hong Kong-listed China Mengniu Dairy Company. The leading Chinese dairy product manufacturer offered $13.25 per share offer, which valued Bellamy's at $1.5 billion. This offer has been recommended by the Bellamy's board, subject to no higher bids being made and the independent expert's report.
The Speedcast International Ltd (ASX: SDA) share price wasn't too far behind with a strong 58.1% gain in September. It looks as though bargain hunters were snapping up its shares last month following a sharp selloff the previous month. Also supporting its shares were two large instances of insider buying and news that the provider of remote communications and IT services had made two key appointments. In respect to the latter, the highly experienced Peter Shaper and Joe Spytek have agreed to join its board as independent non-executive directors.
The Premier Investments Limited (ASX: PMV) share price was on form last month with a 30.3% gain. The catalyst for this was the release of its full year results. Premier Investments revealed a 7.5% increase in total global sales to a record of $1.27 billion and a 27.7% lift in reported net profit after tax to $106.8 million. This was driven by strong growth across a number of its brands and its online business. Another big positive was news that its new Smiggle wholesale strategy was working well and management sees a significant growth opportunity for the key brand.
The IOOF Holdings Limited (ASX: IFL) share price returned to form in September with a gain of 26%. This was driven by news that the Federal Court found that IOOF's APRA regulated entities and five individuals did not contravene the Superannuation Industry Act. One broker that was pleased with this news was Macquarie. In response to it, the broker upgraded its shares to an outperform rating with a $7.00 price target.
