With the market in fine form right now, it will come as no surprise to learn that a number of shares have raced to 52-week highs or better.
Three top ASX shares that have just reached new all-time highs are listed below. Here's why they are on top of the world:
The Altium Limited (ASX: ALU) share price raced to an all-time high of $36.98 on Wednesday despite there being no news out of the design software company. I suspect that this latest gain is due to some investors expecting another impressive result from the company next month. The market darling has been in fine form in FY 2019, posting a 58% increase in profit after tax to US$23.4 million during the first half. This strong result was driven by increasing demand for its software across the globe thanks partly to the Internet of Things boom.
The Magellan Financial Group Ltd (ASX: MFG) share price continued its impressive run and reached an all-time high of $61.48 yesterday. When the fund manager's shares hit that milestone it meant they had gained a massive 163% since the start of the year. Investors have been scrambling to buy the company's shares thanks to its impressive first half result and a continued rise in funds under management (FUM). Investors appear to believe that the latter has put Magellan in a position to deliver a strong full year result next month.
The Megaport Ltd (ASX: MP1) share price zoomed to a record high of $7.75 on Wednesday. Investors have been buying the elasticity connectivity and network services company's shares this week following another solid update. A combination of strong demand and its expanding footprint led to Megaport reporting a 22% increase in total revenue for the fourth quarter and a 78% increase for the full year. Also supporting its share price was a note out of UBS. According to the note, the broker was impressed with its performance and has reiterated its buy rating and lifted the price target on its shares significantly to $8.65.
