Although the S&P/ASX 200 index ran out of steam on Tuesday, that didn't stop some shares on the index from pushing higher.
In fact, the three shares listed below even managed to climb to 52-week highs or better.
Here's why they are scaling new heights this week:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price continued its positive run and hit a multi-year high of $12.11 on Tuesday. The iron ore producer's shares have been extremely strong performers over the last 12 months thanks to a sharp rise in the price of the steel making ingredient. Strong demand from China and supply disruptions in Australia and Brazil sent iron ore prices rocketing higher. Combined with the company's improving grades, this has led to Fortescue generating bumper free cash flows. The majority of which has been used to pay down debt and reward shareholders with generous dividends. Investors appear confident that there will be more of the same in FY 2020.
NEXTDC Ltd (ASX: NXT)
The NEXTDC share price pushed to a 52-week high of $7.45 yesterday. The data centre operator's shares have been climbing higher in recent months despite being targeted by short sellers. Investors appear happy with NEXTDC's underlying EBITDA guidance of between $100 million to $105 million for FY 2020. This will be a 17% to 23% increase on the prior corresponding period. Also getting investors excited is management's confidence in its future growth. It notes that a data tsunami is coming and expects it to drive a material increase in data consumption.
Ramsay Health Care Limited (ASX: RHC)
The Ramsay Health Care share price climbed to a multi-year high of $77.99 on Tuesday. Improving trading conditions for its international operations and the hunt for yield have been supporting this private hospital operator's shares over the last few months. In addition to this, its guidance for FY 2020 has gone down well with investors. Ramsay expects core EBITDAR growth of 8% to 10% this year.
