The S&P/ASX 200 Index (ASX: XJO) has delivered its 5th straight week of gains. While many ASX 200 shares are still well below their pre-COVID-19 price levels, some are not only setting year-to-date highs on the ASX, they’re breaking out into record territory. Let’s take a look at 4 of the top ASX share performers.
Fortescue Metals Group Limited (ASX: FMG)
Iron ore prices have gone from strength-to-strength, backed by an industrial boom in China and supply-side challenges from key exporters. The spot price has soared to a 7-year high of US$141 per tonne, up from US$100 in June and US$90 in January this year. Higher iron ore prices warrant a higher Fortescue share price, as such, it set an all-time high of $21.55 today.
Mineral Resources Limited (ASX: MIN)
Mineral Resources is a diversified mining services company with a range of mining services to help clients operate and maintain facilities, establish and manage production. The company has also invested into commodity projects including iron ore and lithium assets.
The commodity boom has benefited every aspect of its business. FY20 was the company’s best full year results to date, with underlying earnings before interest, tax, depreciation and amortisation (EBITDA) up 77% to $765 million and a return on invested capital of 49.6%. Its mining services has experienced a 65% increase in volumes with revenue up 50%. While its iron ore projects have maximised volumes to capitalise on strong iron ore prices.
The Mineral Resources share price has more than doubled in 2020, and hit a record all-time high of $35.55 on Monday.
Polynovo Ltd (ASX: PNV)
The Polynovo share price was seemingly going nowhere as it spent July through to mid-October drifting around the $2.20 mark. A series of positive announcement in October and November pushed its share price to record highs of $3.85 on Monday.
This includes distribution partners appointed in Finland in September, Taiwan FDA approval in October, AGM with a strong US sales update in November, and finally, entry into Belgium, Netherlands, Luxemburg and Sweden in mid-November.
Xero Limited (ASX: XRO)
The Xero share price has been on a tear since the initial March selloff. The Xero share price hit a record all-time high of $139.61 on Monday. Its share price received an extra kick from Goldman Sachs as it initiated coverage of Xero shares with a buy rating and price target of $157.
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Returns as of 6th October 2020
More reading
- The sector that’ll explode in February: fundie
- 2 of the best ASX tech shares you can buy today
- Leading brokers name 3 ASX shares to buy today
- ASX 200 up 0.7%: Metcash impresses, BHP & Fortescue storm higher, Xero given buy rating
- Why Fortescue, Metcash, Nuix, & Xero shares are storming higher
Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO and Xero. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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