On Tuesday the S&P/ASX 200 index was in fine form and climbed within a whisker of its highest level of 2019.
In light of this, a large number of shares pushed higher and some even climbed to 52-week highs or better.
Three growing tech shares that achieved this are listed below. Here's why they are on fire right now:
The Megaport Ltd (ASX: MP1) share price continued its positive run and hit an all-time high of $4.97 on Tuesday. Investors have been buying the shares of the provider of elastic interconnection services across data centres globally after it delivered another stellar half year result earlier this year. Thanks to increasing demand for its services due to the cloud computing boom, in the first half of FY 2019 the company posted a 70% lift in monthly recurring revenue (MRR). I expect there to be more of the same in the second half thanks to the ongoing migration to cloud infrastructure by enterprises.
The Nearmap Ltd (ASX: NEA) share price stormed higher again on Tuesday and reached an all-time high of $3.52. This latest gain was triggered by news that the aerial imagery technology company would be added to the S&P/ASX 200 index later this month. Prior to this, investors had been fighting to get hold of its shares thanks to its impressive half year result in February. In the first half of FY 2019 Nearmap posted revenue of $36.3 million, up 46% on the prior corresponding period. This was driven by growing demand for its offering in both the Australian and U.S. markets. The company finished the period with annualised contract value (ACV) of $78.3 million, 44% higher than the same time last year. This ultimately left Nearmap with a total subscriber lifetime value of $1.07 billion, which was an increase of 123% on the prior corresponding period.
The Zip Co Ltd (ASX: Z1P) share price climbed to a record high of $2.82 on Tuesday before sliding lower. The provider of buy now, pay later services online and in store has caught the eye of investors this year thanks to its impressive revenue growth. In the first half of FY 2019 Zip reported record transaction volume of $495.2 million, leading to a whopping 114% increase in revenue to $34.2 million. Whilst its shares do look expensive, I feel they could still be a good option if you're prepared to hold onto them for the long-term.
