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Why WiseTech Global and these ASX shares just zoomed to all-time highs

The local market raced higher last week following the Reserve Bank of Australia’s decision to cut the cash rate down to 1.25% at long last.

Last week’s gain has left the S&P/ASX 200 index trading within sight of its highest level of the last 12 months.

Whilst this is fantastic, three shares that went one better and climbed to all-time highs are listed below. Here’s why they are on a high right now:

The Audinate Group Ltd (ASX: AD8) share price reached an all-time high of $8.15 on Friday before fading as the day went on. The shares of the leading supplier of digital audio networking solutions stormed higher last week after it announced the successful completion of a $20 million placement to professional and sophisticated investors at $7.00 per share. Audinate intends to use the proceeds to expand its global sales penetration, accelerate recent product initiatives, and develop its next generation Dante platform. In addition to this, on Friday the company announced the launch of two new software-focused offerings for its Dante product – Dante Embedded Platform and Dante Application Library.

The Medibank Private Ltd (ASX: MPL) share price raced to an all-time high of $3.35 at the end of last week. The private health insurer’s shares have been on a strong run since the surprise election result last month. Investors had been selling Medibank’s shares ahead of the election as Labor had planned to put a 2% limit on premium increases in order to address affordability issues. This was expected to put significant pressure on margins and limit the company’s profit growth. So with Labor falling short at the election and the Coalition not planning to make any changes, investors have become increasingly confident in Medibank’s outlook.

The WiseTech Global Ltd (ASX: WTC) share price surged to an all-time high of $27.07 on Friday. As well as benefiting from a rebound in tech stocks, investors were fighting to get hold of the logistics solutions company’s shares last week after it reiterated its full year guidance. Management confirmed that it continues to expect FY 2019 revenue in the range of $326 million to $339 million and EBITDA in the range of $100 million to $105 million. This will be year on year revenue growth of 47% to 53% and EBITDA growth of 28% to 35%. Strong demand for its CargoWise platform has been a key driver of this solid growth.

Missed these gains? These ASX shares have shot up 204% and even 954%, but we think they’re just getting started

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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 WiseTech Global. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO. 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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