The Elders Ltd (ASX: ELD) is currently sitting as the top-performing ASX 200 share right now. Elders shares are up 32.77% to $8.59 per share after a strong rebound to start the year.
But why are shares in the Aussie agribusiness group surging higher in 2020 and can it continue?
Why the Elders share price has surged higher
The Elders share price has raced 10.98% higher this week alone despite no new announcements from the group. Perhaps even more surprisingly, this is all amidst a broad market correction that has hurt valuations across the S&P/ASX 200 Index (INDEXASX: XJO).
The last time Elders provided an announcement was on 9 January to do with the devastating Australian bushfire season. Elders reported that no company-owned property had been damaged by the fires and all branches remained operational.
That was despite the Elders share price coming under pressure in the second half of 2019. However, things are looking up for investors all of a sudden after yesterday's 8.46% share price surge.
Which other ASX 200 shares are climbing higher in 2020?
The other ASX 200 share that is up more than 30% at the moment is Nextdc Ltd (ASX: NXT). The Aussie data centre operator's shares are up 31.46% to $8.65 – a new 52-week high for the group.
The NextDC share price charged higher after reporting a 40% increase in contracted commitments at its Victorian data centres on Wednesday. NextDC now has approximately 21MW contracted, up from 15MW as at 31 December 2019, with the potential to climb higher.
Management has decided to bring forward the fourth stage of construction at its M2 facility to provide up to 12MW of incremental capacity.
This has had a knock-on effect for the ASX 200 data group's capital expenditure guidance for FY 2020. NEXTDC has lifted its guidance to the range of $320 million to $340 million compared to its previous guidance of $280 million to $300 million.
Foolish takeaway
Both of these shares have led the ASX 200 rebound this week as investors have put aside coronavirus fears for the moment.
