The S&P/ASX 200 Index (ASX: XJO) gained a healthy 3.8% in May, with plenty of help from these five rocketing ASX 200 shares.
ASX investor sentiment broadly took a step up over the month, boosted in part by the second RBA interest rate cut of the year, as well as hopes of a potential pullback in US President Donald Trump's global tariff campaign.
Here's what sent these five ASX 200 shares racing ahead of the pack.
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ASX 200 shares smashing the benchmark returns in May
First up, we have Pro Medicus Ltd (ASX: PME).
Shares in the ASX 200 health imaging company closed out April trading for $229.41. On Friday, the last trading day of May, shares closed at $282.01. This saw the Pro Medicus share price up 22.9% over the month.
Pro Medicus shares got an extra boost on 8 May and the following days after the company reported it had signed a $20 million, five-year contract with the University of Iowa Health Care for Pro Medicus' cloud-based Visage 7 Enterprise Imaging Platform.
"Our pipeline remains strong and spans all market segments," Pro Medicus CEO Sam Hupert said on the day.
The second ASX 200 share shooting the lights out in May was Tabcorp Holdings Ltd (ASX: TAH).
Shares in the gambling company closed April at 56 cents and ended May changing hands for 71 cents apiece. That put the Tabcorp share price up 26.8% in May.
There was no fresh price-sensitive news from Tabcorp over the month. But the stock looks to have grabbed investor interest amid media rumours that Greece-based gaming company Intralot was interested in acquiring its Max Gaming business. Intralot has since denied these speculations.
Which brings us to the third ASX 200 share posting outsized gains in May, Web Travel Group Ltd (ASX: WEB), which spun off its online travel agency business Webjet Group (ASX: WJL) last September.
Web Travel shares ended April at $4.31 and closed May at $5.06, up 17.4% over the month.
The Web Travel share price ended the month with a bang, closing up 22.4% on 28 May. That big lift followed the company's full-year results release.
Highlights for the 12 months included a 22% year-on-year increase in total transaction value (TTV) to $4.87 billion and a 1% increase in revenue from the prior year to $328 million.
Moving on to the fourth ASX 200 share that had a great month in May, we have Zip Co Ltd (ASX: ZIP).
Shares in the buy now, pay later (BNPL) stock closed April at $1.73 and finished May at $1.99 apiece, up 15.0%.
Zip shares look to be continuing their strong upward momentum, which began on 7 April. The stock also likely caught some tailwinds from the RBA's interest rate cut this month. BNPL stocks like Zip have proven to be highly sensitive to rate moves.
Leading the ASX pack in May
Which brings us to the top-performing ASX 200 share in May, Technology One Ltd (ASX: TNE).
Shares in the software-as-a-service (SaaS) provider ended April trading for $30.06 apiece. On Friday, those same shares closed the day changing hands for $41.06 each, up 36.6% for the month.
Technology One shares enjoyed a strong lift following the release of the company's half-year results on 20 May.
Highlights for the six months to 31 March included a 19% increase in revenue to $291.3 million. On the bottom line, after tax profits surged 31% to $63 million.
