The Australian share market was on form again on Wednesday.
Bullish investor sentiment led to both the S&P/ASX 200 index and the All Ordinaries index recording gains of almost 1%.
Unsurprisingly, a number of shares were racing higher with the market yesterday. Three which hit record highs are listed below. Here's why they are on a high:
Coles Group Ltd (ASX: COL)
The Coles share price jumped to an all-time of $16.62 on Thursday. The supermarket giant's shares raced higher yesterday after German supermarket giant Kaufland announced its plan to withdraw from the Australian market. Prior to this news, investors have been buying the company's shares due to improving trading conditions, the return of rational competition, its generous dividend policy, and its positive long-term outlook. The latter is due to its refreshed strategy, which is aiming to cut costs materially over the coming years.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price continued its impressive run and hit a record-high of $4.35 yesterday. Investors have been scrambling to buy the donor management platform provider's shares following an impressive half year result and its extremely positive outlook. In the first half of FY 2020 Pushpay reported a 30% increase in revenue to US$57.4 million. This was the result of further market share gains in the U.S. faith sector, customer growth, and average revenue per user growth. Pleasingly, Pushpay looks well-positioned to continue this strong form in the second half and beyond. Especially given its recent US$87.5 million acquisition of Church Community Builder. This strengthens its offering and is expected to be materially accretive to its total revenue and EBITDAF from FY 2021.
SEEK Limited (ASX: SEK)
The SEEK share price reached a record-high of $24.02 on Wednesday. This latest gain means the job listings company's shares have climbed almost 36% since this time last year. Investors appear to have been impressed with SEEK's strong revenue growth and management's confidence in its outlook. The company has been investing heavily in growth opportunities in recent years. These investments are expected to play a key role in SEEK achieving its aspirational revenue target of $5 billion by FY 2025. This compares to revenue of $1,537.3 million it posted in FY 2019.
