On Monday the S&P/ASX 200 Index (ASX: XJO) was in sensational form and stormed 7% higher to 5,181.4 points.
Unsurprisingly, this led to a large number of shares hurtling higher during yesterday's trade.
But surprisingly, given the fact the ASX 200 is still down materially from its high, some shares managed to climb to record highs.
Three which achieved this feat are listed below. Here's why they are flying high right now:
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price stormed to a record high of $30.23 yesterday. Investors have been fighting to get hold of the medical device company's shares this month after it upgraded its guidance for FY 2020 again. Due to favourable currency movements and strong demand because of the coronavirus outbreak, management expects operating revenue to be approximately NZ$1.24 billion and net profit after tax to be in the range of NZ$275 million to NZ$280 million. This compares to its previous guidance of NZ$1.2 billion and NZ$260 million to NZ$270 million, respectively.
NEXTDC Ltd (ASX: NXT)
The NEXTDC share price jumped to an all-time high of $9.01 on Monday. Investors have buying the data centre operator's shares this month following the release of an impressive half year update in February and a positive contract update this month. In addition to this, the company looks well-placed to benefit from work at home initiatives because of the coronavirus outbreak. This is driving increasing demand for cloud-based software and video calling.
United Malt Group Limited (ASX: UMG)
The United Malt share price hit a record high of $4.72 yesterday. United Malt was spun off from Graincorp Ltd (ASX: GNC) last week. The grain exporter decided to spin off the growing business on the belief that it would create significant value for shareholders. United Malt is the world's fourth largest independent commercial maltster. It has malting houses in Canada, the United States, Australia and the United Kingdom, which are exposed to the growing craft brewing and Scotch whisky sectors. It is also a leading craft malt distributor in North America.
