The Australian share market may have hit a six-month low this week, but that hasn’t stopped some ASX shares from charging higher.
Three that have managed to hit 52-week highs or better on Thursday are listed below. Here’s why they are flying high:
The Chorus Ltd (ASX: CNU) share price hit an all-time high of $7.25 on Thursday. The New Zealand based telco company’s shares have been on an upward trend since the release of its half year results late last month. Although Chorus delivered a small decline in first half revenue to NZ$483 million, its EBITDA rose by a solid 4.4% to NZ$332 million. Looking ahead, thanks to its progress on business optimisation and cost reductions and its positive broadband connection performance, management upgraded its FY 2020 EBITDA guidance. It now expects EBITDA to be in the range of NZ$640 million to NZ$655 million, compared to its prior range of NZ$625 million to NZ$645 million.
The Elders Ltd (ASX: ELD) share price climbed to a 52-week high of $8.61 this afternoon. Although there has been no news out of the agribusiness company since January, improving weather conditions appear to be supporting its shares. In addition to this, on Wednesday the company revealed that investment company Perpetual Limited (ASX: PPT) has been increasing its stake. It has recently bought almost 2 million shares, boosting its stake from 9.49% to 10.69%.
The NEXTDC Ltd (ASX: NXT) share price has continued its positive run and hit an all-time high of $8.60 today. Investors have been fighting to get hold of the data centre operator’s shares following the release of an impressive half year update last month and a positive contract update this week. In the first half of FY 2020, NEXTDC delivered a 21% lift in underlying EBITDA to $50.9 million. Since then, the company has signed major new contract commitments in Victoria. These have increased its contracted commitments at its Victorian data centre facilities by 40% since December 31 to approximately 21MW. NEXTDC continues to be a big winner from increasing data consumption due to the cloud computing boom.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia has recommended Elders 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.
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