In April, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed 2.2% higher.
The good news for investors is that a number of ASX 200 shares thoroughly outperformed this with very strong gains.
Here's why these shares rose more than 10% during the month:
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Codan Ltd (ASX: CDA)
The Codan share price charged 33% higher in April. A good portion of this came at the end of the month following the release of a trading update from the technology company. Codan announced that its performance in the second half has been stronger than expected. As a result, it now expects FY 2026 EBIT to hit $235 million and net profit to reach $170 million. This represents an increase of over 60% from last year. It stated: "In DTC, strong demand from defence customers for unmanned systems, supported by ongoing geopolitical tensions, continues to drive growth in our software-defined radios (SDRs). As a result, the Communications business is expected to achieve revenue growth at the top end of the 15% to 20% range for the full year FY26."
PLS Group Ltd (ASX: PLS)
The PLS share price outperformed with an 18% gain in April. This lithium miner's shares stormed higher following the release of a strong third-quarter update. PLS posted a 12% quarter-on-quarter increase in spodumene concentrate production to 232.4kt for the three months. And with its realised price increasing 61% to US$1,867 per tonne, the company reported a 52% jump in revenue to A$567 million. Another positive was that its costs reduced to A$520 per tonne, which underpinned a cash margin from operations of A$461 million. This represents a 178% increase quarter-on-quarter.
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price was on form and raced 15% higher last month. As well as getting a boost from a rebound in the tech sector, a new contract renewal helped lift sentiment. The health imaging technology company signed a five-year contract renewal with Northwestern Medicine. Importantly, the $37 million contract comes with higher minimums and an increased fee per transaction. Commenting on the renewal, Pro Medicus' CEO, Dr Hupert, said: "We are extremely pleased that in addition to committing to a second five-year term at an increased fee per exam, NM have also committed to an increase in their minimums reflecting the growth in their exam volumes since standardising on our platform five years ago."
Zip Co Ltd (ASX: ZIP)
The Zip share price was a strong performer in April with a gain of 57%. Investors were buying the buy now pay later provider's shares following the release of its third-quarter update. Zip reported record cash EBTDA of $65.1 million for the third quarter. This was a sizeable 41.5% increase on the prior corresponding period. In light of this stronger than expected performance, management revealed that it now expects group cash EBTDA of at least $260 million for FY 2026. This is up from its previous guidance of approximately $248.6 million.
