After a bit of a shaky start to the day, the S&P/ASX 200 index has pushed notably higher again in afternoon trade and now has its all-time high in its sights.
Three shares that have beaten the index to the punch and risen to their own all-time highs are listed below. Here's why they are on a high:
The Coles Group Ltd (ASX: COL) share price has continued its solid run and reached an all-time high of $14.04 today. Investors have been fighting to get hold of the supermarket giant's shares since the release of its refreshed strategy at its investor day on Tuesday. That strategy revealed that the company is aiming to deliver $1 billion in cumulative savings by FY 2023. Combined with a lower than expected capital expenditure program, the market appears to have been convinced that it can comfortably grow its dividend over the coming years.
The Nanosonics Ltd (ASX: NAN) share price has surged to an all-time high of $5.97 this afternoon. Investors have been buying the infection control specialist's shares this week after a fund manager compared it to Cochlear Limited (ASX: COH). Today's gain means that Nanosonics' shares have now gained 82% since this time last year. This has been driven largely by an impressive half year result, further growth in the installed base of its trophon EPR system, strong sales of the consumables it uses, and planned new product launches targeting unmet needs.
The NIB Holdings Limited (ASX: NHF) share price has continued its positive post-election run and hit an all-time high of $7.86 this morning. The private health insurer's shares have been on fire since the surprise election result. This is because Labor had planned to limit premium increases to 2% if it won the election. Now that this risk out of the way, investors appear a lot more confident in the company's outlook.
