On Wednesday the All Ordinaries continued its recovery and pushed higher again. The index climbed 0.5% to finish the day at 7,080.90 points.
Whilst a number of shares pushed higher with the market, a handful went one step further and reached record highs.
Here's why these ASX shares are flying high right now:
EML Payments Ltd (ASX: EML)
The EML Payments share price reached an all-time high of $5.49 on Wednesday. Investors have been buying the payments company's shares following a strong performance in FY 2019, the announcement of a major acquisition, several new contract wins, and very positive guidance for FY 2020. EML Payments delivered a 37% increase in revenue and a 283% lift in net profit after tax in FY 2019. It expects to follow this up with a 29% to 42% lift in EBITDA in FY 2020, excluding acquisitions.
Tyro Payments Ltd (ASX: TYR)
The Tyro Payments share price stormed higher and hit a record high of $4.39 yesterday. This latest gain means the payments company's shares have now rallied 60% higher since listing on the ASX at $2.75 on December 6. Investors appear confident that Tyro will be able to continue growing its share of the payment terminals market in the coming years and deliver strong profit growth. In FY 2019 the company processed more than $17.5 billion in transaction value through the 29,000 Australian merchants that chose to partner with it. This made the company Australia's fifth largest merchant acquiring bank by number of terminals. It is behind only Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four banks.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price climbed to an all-time high of $42.61 on Wednesday. Investors have been buying Woolworths shares in 2020 thanks to improving conditions in the supermarket industry due to rational competition, food inflation, and the surprise exit of Kaufland. In addition to this, earlier this week Woolworths announced the completion of the restructure scheme and ALH Merger to combine its retail drinks business and ALH Group to create Endeavour Group. Woolworths will now consider options for the planned separation of Endeavour Group. The market appears to see a lot of positives in its plans.
