On Monday the S&P/ASX 200 Index (ASX: XJO) was on form and charged notably higher.
While a good number of ASX shares pushed higher with the market, some climbed so strongly they hit multi-year highs or better.
Three ASX shares that achieved this milestone are listed below. Here’s why they are flying high right now:
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price continued its positive run and hit an all-time high of $8.22 on Monday. When the leading computer hardware and software distributor’s shares hit that level, it meant they were up 66% in 12 months. Investors have been buying the company’s shares after its strong performance in FY 2019 and even stronger start to FY 2020 despite the pandemic. Dicker Data recently revealed that its first quarter profits grew 36.3% on the prior corresponding period to $18.4 million. Pleasingly, it appears confident this strong form can continue. The company revealed that it intends to lift its fully franked dividend by 31% to 35.5 cents per share this year.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price was on form again and raced to a record high of $14.80. Investors have been fighting to get hold of the iron ore producer’s shares after the price of the steel making ingredient surged higher over the last 12 months. This has been driven largely by supply disruptions and robust demand. The spot iron ore price is currently trading above US$100 a tonne. This leaves Fortescue in a very strong position to profit greatly thanks to its low costs and improving production grades.
Zoono Group Ltd (ASX: ZNO)
The Zoono share price hit a multi-year high of $2.48 on Monday. This biotech company’s shares have been strong performers during the pandemic. This is due to the increasing demand it is experiencing for its surface and hand sanitisers. Demand has been so strong the company reported third quarter revenue of NZ$15.7 million, which was up from just NZ$1.75 million during the entire first half. The big question will be whether this level of sales can be maintained once the crisis passes. Investors appear to be betting that this is the new normal and hand sanitation has changed forever.
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More reading
- Why you might want to own ASX mining shares in 2020
- 5 winning ASX dividend shares to buy in June
- How our richest Australians are getting richer
- 3 ASX biotech shares that have soared higher today
- Why Austal, CSL, Fortescue, & Star shares are charging higher today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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