The S&P/ASX 200 index returned to form on Wednesday and charged 0.4% higher after investor sentiment improved following positive trade war developments.
A good number of shares pushed higher with the market, but some made bigger strides than others. Three that climbed to all-time highs on Wednesday are listed below. Here’s why they are flying high:
The CSL Limited (ASX: CSL) share price raced to an all-time high of $235.66 on Wednesday following the release of its full year result. In FY 2019 the biotherapeutics giant posted revenue of US$8,539 million and net profit after tax of US$1,919 million. This was an 11% and 17% year on year increase, respectively, in constant currency. Pleasingly, management expects the solid growth to continue in FY 2020 and has provided net profit after tax growth guidance of 7% to 10%. It is worth noting that this guidance includes the one-off financial headwind of transitioning to a new model of direct distribution in China.
The IDP Education Ltd (ASX: IEL) share price continued its impressive run and surged to an all-time high of $19.84 yesterday. This gain means the international student placement services company’s shares have now doubled in value since the start of the year. Investors have been fighting to get hold of its shares following an impressive first half performance and expectations of another blockbuster full year result. IDP Education is due to the report its earning next week.
The REA Group Limited (ASX: REA) share price maintained its winning streak and rose to an all-time high of $105.74 on Wednesday. Although the property listings company’s second half of FY 2019 was not the strongest and the first half of the new financial year is expected to be soft, investors have looked beyond this and focused on its solid long term growth potential. I think this is a smart move and believe its shares could generate above average returns over the next five years thanks to the improving housing market, price increases, new revenue streams, and its international operations.
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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 has recommended REA Group 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.