The ASX 200 rose in April, with standout stocks like Zip, Codan, and PLS surging on strong earnings, contracts, and sector tailwinds.
April was a solid month for Aussie investors, with the S&P/ASX 200 Index climbing 2.2% to finish at 8,665.80.
A handful of companies way outperformed their peers - delivering double digit returns thanks to strong earnings, favourable sector trends and upgraded outlooks.
Let’s take a look at April’s top performers on the ASX 200:
Pro Medicus develops medical imaging software used by hospitals and healthcare providers globally. Think high-tech tools that help doctors view and analyse scans more efficiently.
PME’s shares rose 15% in April, driven by a rebound in the tech sector and a big contract win. The company locked in a five-year contract renewal with Northwestern Medicine, valued at $37 million.
This was a strong vote of confidence from a major client - signalling to investors that there is growing demand and deeper integration of PME’s technology in the medical field.
PLS Group is a leading Australian lithium producer (a key ingredient used in electric vehicle batteries).
Its shares climbed 18% over the month, following a widely successful March quarter update. Here’s what caught investors’ attention:
In short: higher output + higher prices + lower costs = a big win for profitability.
Codan designs communications equipment and metal detection tech, with many customers in the defence and security markets.
Its share price jumped 33% in April after a bullish trading update that announced the company expects:
The biggest growth driver? Defence demand.
Ongoing geopolitical tensions are increasing demand for Codan’s software-defined radios, giving the communications division a healthy 15-20% revenue growth guidance.
Taking the top spot is Zip Co Limited, the buy now, pay later (BNPL) provider - with a massive 57% gain in April.
The rally followed a strong third-quarter update, where Zip announced a record cash earnings before tax, depreciation and amortisation (EBTDA) of $65.1 million. This was a 41.5% increase from the same period last year.
More importantly, management upgraded its FY26 guidance - now expecting at least $260 million in group cash EBTDA (up from ~$248.6 million)
After a tough stretch, BNPL is shifting from growth-at-all-costs to something investors actually care about: profitability.
Were any of these lucky companies in your portfolio?
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