Last week the ASX 200 index raced higher, leaving the benchmark index trading within an inch of its 52-week high.
A number of shares are a step ahead of the index and reached new highs of their own on Friday.
Here's why these three shares have just achieved this milestone:
The JB Hi-Fi Limited (ASX: JBH) share price continued its positive run and hit a record high of $37.19 on Friday. The retailer's shares have been strong performers this year thanks to its robust performance despite the tough trading conditions. Last week JB Hi-Fi released its first quarter update and revealed solid sales growth so far in FY 2020. Management also reiterated its full year guidance. Another positive is that a housing market rebound could lead to increasing demand for white goods from consumers and support its sales growth.
The SEEK Limited (ASX: SEK) share price climbed to a 52-week high of $22.25 last week. This leaves the job listings giant trading within a whisker of an all-time high. Investors have been buying the company's shares following a positive sales performance in FY 2019. SEEK delivered revenue of $1,537.3 million, up 18% on the prior corresponding period. Another recent positive was an update on how it is leveraging artificial intelligence to power its future growth. It expects this to play a key role in it achieving its aspirational revenue target of $5 billion by FY 2025.
The Wesfarmers Ltd (ASX: WES) share price reached an adjusted all-time high of $41.14 last week. This stretched the conglomerate's year to date gain to an impressive 30%. Investors have been buying the conglomerate's shares thanks to a positive performance in FY 2019 and its improving outlook. Many of its businesses have exposure to the housing market, so the potential rebound we are seeing can only be good news for Wesfarmers. In addition to this, investors have responded positively to the acquisitions of Catch Group and Kidman Resources.
