The S&P/ASX 200 index was on form again on Thursday and reached a record high of 6,879.5 points.
But it wasn’t just the benchmark index achieving this milestone. The three shares listed below also hit record highs of their own yesterday. Here’s why these ASX shares are on a high right now:
CSL Limited (ASX: CSL)
The CSL share price continued its incredible run and hit a record-high of $284.97 on Thursday. This latest gain means that the biotherapeutics company’s shares are up 54% since the start of the year. Investors have been buying CSL’s shares following its impressive performance in FY 2019 and its positive guidance for the new financial year. Thanks to increasing demand for immunoglobulins and a shortage in supply, CSL is expecting another year of solid profit growth.
ResMed Inc (ASX: RMD)
The ResMed share price climbed to an all-time high of $22.30 yesterday. The sleep treatment-focused medical device company’s shares have been on fire this year thanks to its strong performance in FY 2019. Pleasingly, this positive form has continued in FY 2020. During the first quarter ResMed posted a 17% jump in sales to US$681.1 million and a 16% lift in adjusted net profit to US$135.4 million. More of the same is expected over the remainder of FY 2020.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
The Sydney Airport share price hit an all-time high of $9.24 on Thursday. Sydney Airport’s shares have been pushing higher in 2019 thanks to the increasing demand for income options after interest rates continued to weaken. Also supporting its shares have been solid international passenger growth and a recent uptick in domestic passenger numbers. The good news for its shareholders is that rates are tipped to go lower again in 2020, which could mean its gains are not over yet. Especially given its attractive 4.2% dividend yield.
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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 owns shares of and has recommended Sydney Airport Holdings Limited. The Motley Fool Australia has recommended ResMed Inc. 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.