The All Ordinaries index was on form last week and broke through the 7,000 points mark for the first time.
Unsurprisingly, this positive form means a number of shares are also trading at record highs. Here are three shares that have just reached this milestone:
Codan Limited (ASX: CDA)
The Codan share price continued its meteoric rise and hit an all-time high of $7.98 last week. Investors have been scrambling to buy the electronic products manufacturer’s shares thanks to its impressive performance in FY 2019. In FY 2019 Codan posted a 17.8% increase in sales to $271 million and a 15% lift in adjusted net profit of $46 million. It looks well-placed to repeat this strong form in FY 2020 following a very positive start to the year. This has been driven by strong metal detector sales due to a rise in the gold price.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price hit an all-time high of $41.00 on Friday. The retailer’s shares have been on fire over the last 12 months due to a better than expected performance in FY 2019. And with the housing market rebounding, investors appear to believe that FY 2020 will be another positive year. This hasn’t gone down well with the short sellers that have been targeting it. It appears as though they have been closing positions and supporting the buy side. JB Hi-Fi now has 11.8% of its shares held short, down from over 17% a year ago.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price reached a record-high of $4.24 last week. Investors have been buying the payments company’s shares following a strong half year result for FY 2020 and the announcement of a potentially game-changing acquisition. During the half Pushpay posted a 30% increase in revenue to US$57.4 million. This was driven by a combination of strong growth in customer numbers and average revenue per customer. In respect to its acquisition, Pushpay paid US$87.5 million for Church Community Builder. This is expected to be materially accretive to Pushpay’s total revenue and EBITDAF from FY 2021.
The post Why Codan, JB Hi-Fi, & Pushpay just hit record highs appeared first on Motley Fool Australia.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of PUSHPAY FPO NZX. The Motley Fool Australia has recommended PUSHPAY FPO NZX. 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 Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020