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Why QBE and these ASX shares have just hit multi-year highs

ASX shares new high represented by boy standing on ladder against the backdrop of a cloudy sky

Last week the S&P/ASX 200 index overcame coronavirus concerns and climbed to a new all-time high.

This has unsurprisingly given investor sentiment a big lift and led to a number of shares racing to new highs of their own.

Three that have just hit new highs are listed below. Here’s why they are flying high:

Adairs Ltd (ASX: ADH)

The Adairs share price stormed to a multi-year high of $2.71 on Friday. Investors have been buying the homewares retailer’s shares following the release of a strong half year result. During the first half of FY 2020, Adairs delivered an 8.6% increase in sales to $178.9 million. This was driven by a 6.9% lift in like for like sales and a 31.6% jump in online sales to $31.6 million. The latter means that 18% of sales are now generated online.

Money3 Corporation Limited (ASX: MNY)

The Money3 share price continued its positive run and climbed to an all-time high of $3.04 at the end of last week. The small loans company’s shares were on fire last week after the release of an impressive half year result. During the first half of FY 2020, Money3 delivered a 61.9% increase in normalised net profit after tax (NPAT) to $15.7 million. Looking ahead, management expects more of the same in the second half and has provided guidance for NPAT in excess of $30 million. It also expects to declare a minimum 10 cents per share full year dividend.

QBE Insurance Group Ltd (ASX: QBE) 

The QBE Insurance share price was on form last week and climbed to a multi-year high of $15.19 on Friday. This follows the release of the insurance giant’s full year results on Monday. For the 12 months ended December 31, QBE reported a full year statutory net profit after tax of US$550 million and an adjusted net cash profit after tax of US$733 million. This was up 41% and 6%, respectively, on the FY 2018’s result. Management expects a stronger performance in FY 2020 and has provided combined operating ratio guidance of 93.5% to 95.5%.

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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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