On Thursday the S&P/ASX 200 index broke through the 7,000 points mark for the first time in its history.
But it wasn’t just the benchmark index that was hitting a new high. Several ASX shares raced to new highs of their own yesterday. Here’s why they are on form:
IDP Education Ltd (ASX: IEL)
The IDP Education share price hit an all-time high of $20.08 on Thursday. This gain means the international student placement services company’s shares have now risen 77% since this time last year. The catalyst for this gain was the company’s strong performance in FY 2019 and its positive outlook. In FY 2019 IDP Education delivered total revenue of $598 million and EBITDA of $115 million. This represented an increase of 23% and 29%, respectively, on the prior corresponding period. Strong demand for language testing and placement services drove its impressive growth.
Medical Developments International Ltd (ASX: MVP)
The Medical Developments International share price hit an all-time high of $9.50 yesterday. The healthcare company’s shares have been on fire over the last 12 months due to a series of positive developments relating to its Penthrox product. Penthrox, better known as the green whistle, is an analgesic used by medical practitioners, the defence forces, paramedics, sports clubs, and surf lifesavers. The company has successfully expanded its use internationally over the last couple of years and has its eyes on two more major markets – the United States and China. Potential launches in these markets may not be far away, pending regulatory clearance.
REA Group Limited (ASX: REA)
The REA Group share price stormed to a record high of $114.75 on Thursday. Investors have been fighting to get hold of the property listings company’s shares due to the improving housing market. Property prices have been rising strongly in recent months, which should bring more homes onto the market and support increasing demand for listings. Combined with price increases and new revenue streams, this is expected to lead to solid profit growth from the second half of FY 2020 onwards.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Medical Developments International Limited. 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.