Despite a few wobbles at the end of the month, the All Ordinaries index recorded a solid gain of around 2.4% last month.
A number of shares on the index performed significantly better, posting gains in excess of 40% during the period. Here's why these ASX shares went nuts in April:
The Kogan.com Ltd (ASX: KGN) share price rocketed 58% higher last month following the release of a surprisingly strong trading update out of the ecommerce company. According to the release, during the third quarter the company delivered a 9.5% increase in revenue and a massive 96.4% lift in EBITDA. In addition to this, the company reported a 23.4% year on year increase in active customers and the launch of two new business verticals – Kogan Cars and Kogan Energy Compare. In addition to the latter, management advised that it intends to continue to explore a Kogan-branded energy offering in parallel to this service.
The Megaport Ltd (ASX: MP1) share price was a strong performer, rising 40% last month. The catalyst for this gain appears to have been a strong third quarter update from the provider of elastic interconnection services across data centres globally. According to the update, during the third quarter Megaport experienced a 7% quarter on quarter increase in customer numbers to 1,367 and an 8% quarter on quarter lift in revenue to $8.96 million. This ultimately led to the company finishing the period with a 15% increase in its key monthly recurring revenue (MRR) metric to $3.11 million. Thanks to the cloud computing boom, I believe Megaport is well-positioned for further strong growth in the coming years.
The Zip Co Ltd (ASX: Z1P) share price was the biggest mover on the All Ordinaries index in April with a stunning gain of 79%. Investors were fighting to get hold of the payments company's shares following the release of a strong quarterly update. In the third quarter Zip Co reported a 20% increase in quarterly revenue to a record $23 million. In addition to this, the company revealed that it added an additional 143,000 customers to its platform, taking its total to 1.2 million. I think Zip Co is well-positioned to continue this strong form for some time to come, potentially making it a great buy and hold option.
