The S&P/ASX 200 Index (ASX: XJO) was out of form in September and dropped deep into the red. The benchmark index lost 3.5% of its value during the period.
The good news is that not all ASX 200 shares fell with the market. For example, the four shares listed below delivered mouth-watering returns for their shareholders. Here's why they were the best performers on the index last month:
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price was the best performer on the ASX 200 in September with an impressive 30% gain. Investors were buying the uranium developer's shares after the price of the chemical element climbed to decade highs. The catalyst for this was the release of the World Nuclear Association's forecasts for 2023 through to 2040. It said: "World reactor requirements for uranium in 2023 are estimated at about 65,650 tU. In the Reference Scenario these are expected to rise to almost 130,000 tU in 2040."
Coronado Global Resources Inc (ASX: CRN)
The Coronado share price wasn't far behind with a solid 23% gain last month. Investors were buying coal shares in September amid optimism over coal demand. In addition, late in the month, the coal miner revealed that Seven Global Investments has signed a binding agreement to acquire a 51% interest in the company.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price was on form and charged 14.1% in September. This was driven by the announcement of a huge contract win by the health imaging technology company. Pro Medicus signed a $140 million 10-year contract with Baylor Scott & White Health. It is the largest not-for-profit healthcare system in Texas and one of the largest in the United States.
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price was close behind with a solid 12.6% gain. Once again, optimism over the outlook for coal demand helped lift the company's shares. In addition, New Hope released its FY 2023 results last month. It reported a 6% lift in revenue to a record of $2,648.8 million and a 10.6% increase in net profit after tax to a record of $1,087.4 million.
