The Australian share market may have been dragged lower on Thursday following events on Wall Street, but that didn't stop a number of shares from pushing higher.
Three shares that even managed to climb to 52-week highs or better are listed below. Here's why they are flying high:
The PointsBet Holdings Ltd (ASX: PBH) share price surged to an all-time high of $3.53 on Thursday. The newly listed sports betting company has now seen its shares rise over 76% since listing on the ASX at $2.00 per share in June. PointsBet's shares charged higher on Thursday after entering into an agreement for digital sports betting and gaming services in the United States with Penn National Gaming. The agreement gives PointsBet the right to develop, own, market and operate, under the authority of the Penn National Gaming operating licenses.
The Pro Medicus Limited (ASX: PME) share price raced notably higher on Thursday and hit an all-time high of $33.78. This latest gain meant the shares of the leading provider of a full range of radiology IT software and services to hospitals, imaging centres, and healthcare had almost tripled in value since the start of the year. Whilst this latest gain was due to its inclusion in the S&P/ASX 200 index, investors have been fighting to get hold of its shares all year due to its impressive half year update and strong growth potential.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price continued its positive run and hit an all-time high of $8.48 yesterday. Although the airport operator's performance has been a touch underwhelming this year due to a decline in tourism, investors have looked beyond this due to the narrowing of bond yields. As Sydney Airport is classed by many investors as a bond proxy, demand for its shares will generally increase when rates slide.
