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Why Fortescue and these ASX shares just hit multi-year highs or better

On Monday the S&P/ASX 200 index was on form again and pushed higher. This leaves the benchmark index trading around 2% away from its 52-week high.

A few shares that are a step ahead of the index and hit new multi-year highs or better on Monday are listed below. Here’s why they are flying high right now:

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price climbed to a multi-year high of $10.25 on Monday. The iron ore producer’s shares have been on fire this year thanks to a significant rise in the price of the base metal. The catalyst for this has been supply disruptions in Australia and Brazil and strong demand from Chinese steel makers. In addition to this, Fortescue has been improving the grades of its iron ore, allowing it to benefit even more from higher prices. This has led to bumper free cash flow generation and generous dividends for shareholders.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price hit an all-time high of $38.50 yesterday. The retailer’s shares have been impressive performers in 2019 thanks to a solid result in FY 2019 and a positive start to the new financial year. Another positive has been the rebounding housing market. Investors appear to believe this could lead to increasing demand for white goods and support its sales growth in 2020 and beyond.

Pushpay Holdings Ltd (ASX: PPH)

The Pushpay share price reached a record-high of $3.87 on Monday. The payments company’s shares have raced higher in recent weeks following the release of its half year result for FY 2020. During the half Pushpay posted a 30% increase in revenue to US$57.4 million. This was driven by a combination of customer growth and a 20% rise in average revenue per customer to US$1,272. This strong growth is expected to continue in the second half, with management providing full year operating revenue guidance of between US$121 million to US$124 million.

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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 PUSHPAY FPO NZX. The Motley Fool Australia has recommended PUSHPAY FPO NZX. 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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