The Australian share market has been a very positive performer this week and is charging notably higher week to date.
And while the All Ordinaries Index (ASX: XAO) is still down materially from its pre-pandemic high, that hasn't stopped some ASX shares from charging to new highs.
Three ASX shares which have just hit record highs are listed below. Here's why they are soaring:
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price jumped to a new record high of $4.96 on Tuesday. Investors were buying the baby products retailer's shares after the release of a trading update ahead of its annual general meeting. That update revealed that Baby Bunting's positive form has continued in FY 2021, with comparable store sales growth (to 2 October) of 17%. Excluding stores in the Melbourne metropolitan region, the company's comparable store sales would have been up 28.5%. Management also revealed very strong online sales and click & collect growth.
Objective Corporation Limited (ASX: OCL)
The Objective Corp share price reached a record high of $13.20 yesterday. This latest gain means that the content, collaboration, and process management software solutions company's shares have now more than doubled in value in 2020. The catalyst for this was its strong performance in FY 2020, which led to Objective Corp delivering a 22% lift in net profit after tax to $11 million. Also getting investors excited was management's guidance for the year ahead. It expects "a material lift in revenue and profitability" in FY 2021.
Piedmont Lithium Ltd (ASX: PLL)
The Piedmont Lithium share price surged to a new high of 48 cents on Tuesday. Investors have been buying this U.S. based lithium miner's shares after the release of a major announcement at the end of September. That announcement revealed that Piedmont Lithium has signed a binding sales agreement with electric vehicles giant Tesla. The two parties have signed an initial five-year term for the supply of spodumene concentrate (SC6) from Piedmont Lithium's North Carolina deposit. The deal also includes the option for a further five-year extension by mutual agreement.
