On Tuesday the S&P/ASX 200 Index returned from the Easter break and raced to an eight-month high. The benchmark index finished the day 0.95% higher at 6,319.4 points.
Unsurprisingly, with the market in fine form, a large number of ASX shares stormed higher. Three that climbed to all-time highs are listed below. Is it too late to buy these high-flying ASX shares?
The Breville Group Ltd (ASX: BRG) share price continued its fine form and hit an all-time high of $18.20 on Tuesday. Investors have been fighting to get hold of Breville's shares since the release of an impressive half year result in February. In the first half Breville posted a 15.4% increase in revenue to $440.4 million and a 19.7% increase in net profit after tax to $43.5 million thanks to its well-controlled inventory, strong growth from both its Global Product and Distribution segments, and successful geographic expansion. Although I'm a big fan of the company, I feel its shares are a little on the expensive side now at 34x estimated full year earnings.
The Bubs Australia Ltd (ASX: BUB) share price rocketed 14% higher to finish the day at a new high of 99 cents. The goat milk infant formula company's shares raced higher after it announced the completion of its Australia Deloraine Dairy acquisition and the $31.44million placement to C2 Capital Partners. Management believes this acquisition leaves Bubs well placed to advance its vision to be a leading player in the infant milk formula and infant nutritionals markets both at home and in China. But with its market capitalisation at around ~$400 million, it certainly has a lot to live up to. I'm sitting this one out until its sales justify its valuation.
The Xero Limited (ASX: XRO) share price hit an all-time high of $53.31 on Tuesday. As well as benefiting from a rally in tech stocks, the accounting software provider's shares were given a boost after reports suggested that Prime Minister Scott Morrison intends to announce a plan to create a $1 billion pubic private small business investment fund that could help create an additional 250,000 small businesses in Australia. Whilst its shares look fully valued now, I still believe it would be a great long-term option for investors.