The S&P/ASX 200 Index (ASX: XJO) was well and truly out of form in September. The benchmark index shed a massive 7.3% of its value to close the month at 6,474.2 points.
Surprisingly, some ASX 200 shares managed to record decent gains last month. Here's why these were the best performers on the index:
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New Hope Corporation Limited (ASX: NHC)
The New Hope share price was the best performer on the ASX 200 in September with a gain of 28.4%. Sky high coal prices and the release of a very strong full year result helped drive this coal miner's shares higher. In respect to the latter, New Hope's full year results release revealed a 143% increase in revenue to $2.55 billion and a massive 1,139% jump in net profit after tax to $983 million. This allowed the company to declare a fully franked 31 cents per share final dividend and a 25 cents per share special dividend.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price was on form and charged 24.9% higher last month. A key driver of this gain was the release of the lithium miner's latest BMX digital auction results. After accepting bids of US$6,188 per dmt in July and US$6,350 per dmt in August, the company experienced another strong rise in prices. It accepted the highest bid of US$6,988 per dmt during September's auction. In other news, a bullish broker note out of Macquarie last month gave Pilbara Minerals' shares a boost. Macquarie retained its outperform rating and bumped its price target to a lofty $5.60.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price continued its ascent last month and rose a further 14.2%. Investors were buying this coal miner's shares in response to New Hope's strong result and the expectation that coal prices will remain higher for longer. The Whitehaven Coal share price is now up 225% since the start of the year.
Megaport Ltd (ASX: MP1)
The Megaport share price defied the odds to rise 7.3% in September. That's despite the S&P ASX All Technology index losing almost 10% of its value last month. This gain was a bit of a mystery. Though, it is worth noting that at the start of the month Macquarie put an outperform rating and $11.00 price target on its shares. This implies potential upside of over 40%.
