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Why CBA and these ASX 200 shares are flying high

The S&P/ASX 200 index was back on form on Thursday and pushed higher once again.

Whilst a large number of shares pushed higher, some climbed more than most. Here’s why these ASX 200 shares have just hit 52-week highs:

Commonwealth Bank of Australia (ASX: CBA)

The Commonwealth Bank of Australia share price climbed to a 52-week high of $88.73 on Thursday. Investors have been fighting to get hold of the banking giant’s shares this week following the release of a stronger than expected half year result. For the six months ended December 31, Australia’s largest bank delivered cash earnings of $4,477 million. Although this was down 4.3% on the prior corresponding period, it was higher than the consensus estimate of $4,405 million. And thanks to its strong balance sheet, the bank was able to maintain its fully franked 200 cents per share interim dividend.

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price hit a 52-week high of $4.81 on Thursday before edging slightly lower. Investors have been buying the retailer’s shares this week following a strong profit result by rival JB Hi-Fi Limited (ASX: JBH) on Monday. JB Hi-Fi delivered an 8% increase in EBIT to $255.6 million, which was notably higher than consensus estimates. Investors appear hopeful that Harvey Norman will have performed equally well during the half.

IDP Education Ltd (ASX: IEL)

The IDP Education share price has been on fire this week and hit an all-time high of $25.17 yesterday. This follows the release of the student placement and language testing company’s half year results a day earlier. IDP Education caught the eye when it delivered a massive 53% increase in EBITDA to $106.2 million. A particularly strong performance by its student placement segment was a key driver of its growth and was supported by further robust growth in the IELTS segment. The company also revealed that the coronavirus outbreak was not having a meaningful impact on its business.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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