The S&P/ASX 200 Index (ASX: XJO) has been in fine form this month and has surged notably higher.
And while the benchmark index is still trading well short of its 52-week high, that hasn't stopped a number of ASX 200 shares from reaching new highs of their own.
Three shares that have just hit new highs are listed below. Here's why they are on fire right now:
Bapcor Ltd (ASX: BAP)
The Bapcor share price hit a record high of $8.08 on Monday after the automotive aftermarket parts distributor released its first quarter update. Bapcor's update revealed that trading has been very strong so far in FY 2021, with revenue up 27% compared to the first quarter of FY 2021. The key drivers of this growth have been its Retail and Specialist Wholesale businesses, which have recorded exceptionally strong sales. Management advised that this was driven partly by an increase in sales of second-hand cars, reduction in use of public and shared transport modes, and government stimulus.
NEXTDC Ltd (ASX: NXT)
The NEXTDC share price continued its remarkable run and hit a new record high of $13.25 yesterday. Investors have been fighting to get hold of the data centre operator's shares this year after it experienced a surge in demand following the accelerating shift to the cloud caused by the pandemic. In addition to this, on Monday its shares were given a boost after it announced a new $1.5 billion debt facility. This debt facility has lowered the company's cost of debt notably and positioned it for growth. NEXTDC also revealed that some of the facility is multi-currency. This could be a sign that it has its eyes on expanding internationally in the near future.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price rose to a new record high of $16.80 on Monday. This gold miner's shares have been strong performers since announcing a merger with Saracen Mineral Holdings Limited (ASX: SAR). This merger will create a top 10 global gold company targeting production of 2 million ounces of gold per annum exclusively in tier-1 locations. Management also expects the merger to result in unique pre-tax synergies of $1.5 billion to $2 billion.
