Blackmores Limited (ASX: BKL) has today become the first company listed on the ASX to hit the $200 per share mark.
The shares rose a staggering 28.7% before midday, hitting a record high of $200.04, up from a closing price of $155.45 yesterday. The shares have now risen 518% over the last 12 months, and 870% since the beginning of 2014.
Today's gains can be seen on the chart below:
In an announcement to the market this morning, Blackmores said it has entered a strategic partnership with Bega Cheese Ltd (ASX: BGA) to produce a range of nutritional foods, including high-quality infant formula through Bega's subsidiary Tatura.
Indeed, this market has proven enormously popular for existing players such as Bellamy's Australia Ltd (ASX: BAL), so investors are clearly excited about the prospects of the new deal. By comparison, Bellamy's shares have fallen nearly 4% for the day.
In a separate announcement, Blackmores also reported its first-quarter earnings results. It achieved a net profit of $22.6 million for the three-month period, up 161% on the prior corresponding period (pcp), as well as $162.2 million of group sales. That was a 65% improvement on the pcp and shows why investors have become so excited about the stock.
