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.

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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Later today the Reserve Bank will hold its monetary policy meeting for June. According to the latest cash rate futures, the market is currently pricing in a 45% probability of a rate cut to zero.

While I’m not convinced rates will go lower again, I do expect them to stay at these lowly levels for at least a couple of years.

In light of this, I continue to believe that investors should look for a source of income from the share market instead of term deposits or savings accounts.

But which shares should you buy? Three top ASX dividend shares I would buy for income are listed below:

Coles Group Ltd (ASX: COL)

I think this supermarket operator would be a good option for income investors. This is because I believe Coles is well-placed to deliver solid earnings growth over the next decade thanks to its refreshed strategy and defensive business. And with Coles intending to pay out upwards of 90% of its earnings to shareholders, this bodes well for its dividends in the future. At present I estimate that its shares offer a fully franked 3.9% FY 2021 dividend.

VanEck Vectors Australian Banks ETF (ASX: MVB)

I think the big four banks are all trading at attractive levels for investors. But if you’re not sure which bank to buy ahead of the others, then you could just buy a piece of them all. You can do this by buying the VanEck Vectors Australian Banks ETF. You’ll also get a slice of the regional banks and investment bank Macquarie Group Ltd (ASX: MQG) as well. I estimate that its units will provide investors with a partially franked yield of at least 5% in FY 2021.

Wesfarmers Ltd (ASX: WES)

A final dividend share I would buy is Wesfarmers. I think the conglomerate is capable of growing its earnings and dividends at a solid rate over the next decade. This is thanks to the quality and growth potential of its portfolio of assets and potential earnings accretive acquisitions in the near future. Based on its last close price, I estimate that its shares offer a fully franked 3.6% FY 2021 dividend yield.

More reading

• Why Woolworths shares are offering a rare buying opportunity today
• These ASX shares are set to get a big boost from the next big government stimulus
• 5 winning ASX dividend shares to buy in June
• 3 best stocks for ASX 200 investors in retirement to buy now
• Is the Woolworths share price cheap 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 Macquarie Group Limited. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Wesfarmers 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.

The post 3 strong ASX dividend shares to buy right now appeared first on Motley Fool Australia.

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