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Why CSL and these ASX shares just hit record highs

With the market storming higher again on Monday, a number of shares are posting solid gains this morning.

This has led to some shares climbing to 52-week high or better. Three that have just achieved this milestone are listed below.

Here’s why these shares are scaling new heights:

The BWP Trust (ASX: BWP) share price has climbed to a new all-time high of $4.15 today. Demand for the Bunnings landlord’s shares has been strong thanks to its solid performance in FY 2019 and an increasing appetite for “bond proxies” from income investors. The driver of the latter has been the cash rate cuts and the subdued outlook for interest rates over the next few years. In FY 2019 the trust paid out a distribution of 19.67 cents per unit, which works out to be a 4.7% yield. As a result of this yield, it isn’t surprising to see its shares at a record high. Especially given its high quality tenants and defensive qualities.

The CSL Limited (ASX: CSL) share price has hit an all-time high of $248.06 this morning. This has stretched its year to date gain to an impressive ~34%. Investors have been fighting to get hold of the biotherapeutics company’s shares this year thanks to its strong performance in FY 2019 and positive guidance for the year ahead. In addition to this, a series of bullish broker notes have supported its share price gains. One recent note came out of Morgan Stanley, rating its shares as a buy with a $251 price target. It believes strong immunoglobulins demand could lead to CSL outperforming its guidance this year.

The PointsBet Holdings Ltd (ASX: PBH) share price has continued its positive run and hit a record high of $4.70 on Monday. Investors have been scrambling to get hold of the corporate bookmaker’s shares since its IPO. This is due to strong potential of its scalable cloud-based platform that is aiming to disrupt traditional fixed odds betting. It intends to do this by offering new and innovative ways to place bets on sports. It presently has access to 10 US states which have an estimated market size of US$4.6 billion. Judging by its share price performance, some investors are confident it will win a decent share of these markets.

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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 Pointsbet Holdings Ltd. 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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