It was a volatile but positive month for the S&P/ASX 200 Index (ASX: XJO) in April. Over the period, the benchmark index recorded a decent 1.8% gain to finish at 7,309.2 points.
While a good number of ASX 200 shares climbed with the market, some recorded stronger gains than others.
For example, the shares listed below smashed the market after launching higher in April. Here's why they were on fire:
Megaport Ltd (ASX: MP1)
The Megaport share price was the best performer on the ASX 200 index in April with a 37% gain. Interestingly, this network services company's shares were on course to record a disappointing monthly decline until the final trading day of the month. However, the release of a surprisingly positive quarterly update appears to have caused a short squeeze and led to Megaport's shares rocketing over 40% higher on Friday.
Blackmores Ltd (ASX: BKL)
The Blackmores share price wasn't far behind with a gain of 35% in April. This was driven by news that Japan's Kirin has tabled a $95 cash per share takeover offer for the health supplements company. Blackmores has accepted the offer and will now let shareholders vote on it at an upcoming meeting. The deal values Blackmores at $1.85 billion.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price was on form and charged 27% higher last month. Investors were buying this sports betting company's shares amid speculation that it will soon offload some of its operations. The most recent speculation is that PointsBet could sell its US operations for US$500 million and keep hold of its Australian arm. This would be more than its current market capitalisation.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price was also a strong performer and rose 16% over the period. A key driver of this was the announcement of a major contract win. The corporate travel specialist won the Bridging Accommodation and Travel Services contract from the UK Home Office. Management estimates it to be worth nearly £1.6 billion in total transaction volume (TTV) over two years, which equates to approximately $3 billion Australian dollars.
