The S&P/ASX 200 index was back on form on Thursday and pushed higher once again.
Whilst a large number of shares pushed higher, some climbed more than most. Here’s why these ASX 200 shares have just hit 52-week highs:
Commonwealth Bank of Australia (ASX: CBA)
The Commonwealth Bank of Australia share price climbed to a 52-week high of $88.73 on Thursday. Investors have been fighting to get hold of the banking giant’s shares this week following the release of a stronger than expected half year result. For the six months ended December 31, Australia’s largest bank delivered cash earnings of $4,477 million. Although this was down 4.3% on the prior corresponding period, it was higher than the consensus estimate of $4,405 million. And thanks to its strong balance sheet, the bank was able to maintain its fully franked 200 cents per share interim dividend.
Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price hit a 52-week high of $4.81 on Thursday before edging slightly lower. Investors have been buying the retailer’s shares this week following a strong profit result by rival JB Hi-Fi Limited (ASX: JBH) on Monday. JB Hi-Fi delivered an 8% increase in EBIT to $255.6 million, which was notably higher than consensus estimates. Investors appear hopeful that Harvey Norman will have performed equally well during the half.
IDP Education Ltd (ASX: IEL)
The IDP Education share price has been on fire this week and hit an all-time high of $25.17 yesterday. This follows the release of the student placement and language testing company’s half year results a day earlier. IDP Education caught the eye when it delivered a massive 53% increase in EBITDA to $106.2 million. A particularly strong performance by its student placement segment was a key driver of its growth and was supported by further robust growth in the IELTS segment. The company also revealed that the coronavirus outbreak was not having a meaningful impact on its business.
The post Why CBA and these ASX 200 shares are flying high appeared first on Motley Fool Australia.
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