The S&P/ASX 200 Index (ASX: XJO) has been on strong form over the last few trading days, which has led to a number of shares storming higher.
A few shares have even climbed so much they have just hit record highs.
Three shares which are flying high right now are listed below. Here’s why they just hit record highs:
Ansell Limited (ASX: ANN)
The Ansell share price reached a record high of $35.00 on Tuesday. Investors have been fighting to get hold of the health and safety products company’s shares due to the increasing demand it is experiencing during the pandemic. This has particularly been the case for its hand and body protection solutions which offer protection from infective agents. In light of this strong demand, the company was able to reaffirm its guidance. It expects earnings per share in the range of 112 US cents to 122 US cents in FY 2020.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue Metals share price jumped to a record high of $13.95 yesterday. Investors have been buying the iron ore producer’s shares due to the resilience of the price of the steel making ingredient during the pandemic. With the iron ore price at this level and Fortescue on track for record shipments this year, the miner looks well-placed to deliver bumper profits and free cash flows. This is likely to lead to the company rewarding shareholders with generous dividends and potentially share buybacks.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price stormed to a record high of $6.80 on Tuesday. The donor management system provider’s shares have been racing higher since the release of its full year results earlier this month. Investors were impressed with Pushpay’s 1,506% increase in EBITDAF to US$25.1 million and its very positive guidance for FY 2021. Management expects its EBITDAF to grow 91.2% to 107% next year. But perhaps even better is the company’s longer term ambition of winning a 50% share of the medium to large church market. This represents a US$1 billion revenue opportunity, which is materially more than FY 2020’s operating revenue of US$127.5 million.
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More reading
- Here’s why the Fortescue share price hit an all-time high today
- 3 fantastic ASX shares to buy now to get rich later
- Macquarie picks the best stocks to buy for the post COVID-19 rebound
- Could ASX 200 iron ore shares save the Australian economy?
- 3 ASX shares that will have strong dividends in 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has recommended Ansell Ltd. 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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