The S&P/ASX 200 Index (ASX: XJO) was a very strong performer last week and charged materially higher. The benchmark index climbed a total of 153.8 points or 2.6% to end the week at 6057.9 points.
Given this strong form, it will come as no surprise to learn that a good number of shares raced notably higher. The positive investor sentiment even sent some shares to new highs.
Three ASX 200 shares that hit new highs are listed below. Here's why they are on form:
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price hit a multi-year high of $75.00 at the end of last week. Investors have been buying the pizza chain operator's shares over the last few months after it revealed solid sales growth from the majority of its businesses during the pandemic. This appears to have put Domino's in a position to deliver a solid result in FY 2020. In addition to this, management has reiterated its medium term outlook. It continues to target new store openings of 7% to 9% per year and same stores sales growth of 3% to 6% per year.
ResMed Inc. (ASX: RMD)
The ResMed share price continued its positive run and rose to a record high of $28.21 on Friday. The sleep treatment focused medical device company's shares have been strong performers in FY 2020 thanks to its impressive earnings growth. The key drivers of this have been the increasing demand for its sleep treatment hardware and software and, most recently, ventilators. The latter are in great demand at present as countries battle the COVID-19 pandemic.
Saracen Mineral Holdings Limited (ASX: SAR)
The Saracen share price reached a record high of $5.83 last week. Investors have been fighting to get hold of the gold miner's shares this year following a sharp rise in the gold price and its strong operational performance. In respect to the latter, during the March quarter Saracen reported record quarterly gold production of 158,132 ounces at an all-in sustaining cost (AISC) of A$1,133 per ounce. This brought its production for the first nine months of FY 2020 to 374,584 ounces with an AISC of A$1,081 per ounce. This AISC is significantly lower than the price it is commanding for its gold right now, putting it in a position to deliver bumper free cash flows. The Saracen share price was also given a boost after being included in the ASX 100 index at the June quarterly rebalance.
