September was a disappointing month for the S&P/ASX 200 Index (ASX: XJO), which fell almost 3.2% to end at 8,789.3 points.
The good news is that not all ASX 200 shares fell with the market. In fact, some were able to defy the weakness and charge higher.
Here's why these were the best-performing shares on the ASX 200 in September:
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Codan Ltd (ASX: CDA)
The Codan share price was a very strong performer and recorded a gain of 40%. The catalyst for this was the release of a trading update late in the month from the technology products company.
Codan revealed that group net profit after tax for the first half of FY 2027 is expected to be at least $160 million. This will be more than double the $71.2 million it recorded in the prior corresponding period.
This has been driven by robust demand for metal detectors and exceptionally strong demand for its communications products.
Speaking about its full-year outlook, the company said:
While current indications are that the elevated sales order momentum in the Communications segment may continue into H2 FY27, order visibility in conflict regions is low and it is too early to determine whether the elevated demand and margin experienced in H1 FY27 will continue in H2 FY27. Balancing these factors, Codan is currently targeting full-year FY27 revenue growth for the Communications segment to be in the range of 30% to 40% compared to full-year FY26.
Ingenia Communities Group (ASX: INA)
The Ingenia share price wasn't far behind with a gain of 32% in September.
Investors were buying the communities developer's shares after it received a series of takeover offers. While two of the proposals were rejected, the ASX 200 share is still considering an improved offer received late in the month from Warburg Pincus.
Its third offer was $5.25 cash per share, up from its previous offers of $4.75 per share and $5.05 per share, respectively. In response to the offer, Ingenia stated:
The Ingenia Board is assessing the Further Revised Indicative Proposal with the assistance of its financial and legal advisers and will update securityholders in due course.
Megaport Ltd (ASX: MP1)
The Megaport share price was on form and raced 25% higher over the month.
Last month, Megaport upgraded its FY 2027 guidance after winning almost $1 billion of AI contracts.
Megaport's CEO, Michael Reid, commented:
Since April, we've announced approximately A$2.3 billion in total strategic contract value…Together with our existing business, these contracts support approximately A$1.1 billion in Group ARR once deployed. Earlier deployments, new contracts, and Network growth underpin our upgraded FY27 revenue and EBITDA margin guidance. Customers have committed approximately A$323 million in prepayments on today's contracts, supporting the infrastructure investment behind future growth.
Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance Worldwide share price outperformed with a 13% gain in September.
Investors were buying the plumbing parts company's shares after it accepted a $4.1 billion takeover offer from Brookfield. It advised:
It is proposed that Brookfield will acquire all of the ordinary shares in RWC for cash consideration of US$3.38 for each RWC share. The Cash Consideration, which is now denominated in US dollars, implies a value of A$4.75 per share.
