On Thursday the S&P/ASX 200 index returned to form and stormed higher.
This led to a good number of shares racing higher on the index. Some climbed so much they hit 52-week highs or better.
Here’s why these three ASX 200 shares are on a high right now:
The CSL Limited (ASX: CSL) share price hit a new all-time high of $271.90 on Thursday. Investors have been fighting to get hold of the biotherapeutics company’s shares this year following yet another strong performance in FY 2019. In addition to this, tight supply and increasing demand for immunoglobulins appears to have left CSL well-placed for growth in the new financial year. This led to UBS recently upgrading its shares to a buy rating with a $295.00 price target.
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price continued its positive run and hit a 52-week high of $52.89 yesterday. Although opinion remains largely divided on the pizza chain operator, the bulls are certainly in charge right now. They have been buying its shares due to its strong long term growth potential thanks to its bold international expansion plans. This will see the company’s store network almost double over the next few years.
The Xero Limited (ASX: XRO) share price rose to an all-time high of $79.15 on Thursday. The business and accounting software provider’s shares have been on fire this month thanks to the release of an impressive half year result. For the six months ended September 30, Xero reported a 32% increase in operating revenue to NZ$338.7 million. Its annualised monthly recurring revenue (AMRR) also grew strongly. At the end of the period this had increased 30% to NZ$764.1 million. Xero also revealed that it has surpassed 2 million subscribers. Despite this large number, Xero doesn’t look like its growth will be slowing any time soon given its massive global market opportunity.
The post Why Xero and these ASX 200 shares just hit 52-week 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 CSL Ltd. The Motley Fool Australia owns shares of Xero. The Motley Fool Australia has recommended Domino's Pizza Enterprises 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 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. 2019