The Altium Limited (ASX: ALU) share price hit a record high of $35.40 today despite the provider of software to help the creation of printed electronic circuit boards releasing no specific news to the market.
The stock is probably rising on the back of some strong performance for stocks on the tech-heavy US Nasdaq index overnight after the US Fed told markets not to expect any more cash rate hikes in 2019.
Lower-for-longer cash rates in either the the US or Australia are a positive for some companies as the potential growth they offer becomes exaggerated compared to the paltry returns on risk free assets or money market instruments such as short-term debt.
Even investing legend Warren Buffett has gone on the record regularly over the last 18 months to state that interest rates are the single biggest factor as to the relative value of share markets given how they determine the relative value of equities adjusted for risk.
As such Australia's leading technology shares are rising across the board today with the likes of Appen Limited (ASX: APX), Iress Ltd (ASX: IRE) and Xero Limited (ASX: XRO) also enjoying strong days.
Altium is the most profitable of the bunch and as such looks well positioned to deliver potentially strong returns into the future, especially if the interest rate environment remain benign.
