The Australian share market was on form again on Wednesday and raced notably higher.
Some shares climbed more than most, with a few managing to even hit 52-week highs or better.
Three that have achieved this feat are listed below. Here's why they are scaling new heights:
ASX Ltd (ASX: ASX)
The ASX Ltd share price continued its positive run and hit a record high of $89.71 on Wednesday. Investors have been buying the stock exchange operator's shares this year due to its defensive qualities and strong share market activity. This morning the company reported a 49% increase in capital raised on the ASX during the month of May compared to the prior corresponding period. It also revealed that the total number of trades on the ASX is up 29% year to date to 423.3 million.
Integrated Research Limited (ASX: IRI)
The Integrated Research share price climbed to a two-year high of $3.66 yesterday. Investors appear confident that demand for the services of this global provider of performance management software for critical IT infrastructure, payments, and unified communications will remain strong during the pandemic. The market has not heard from the company since its half year results in February. This could be a case of no news is good news.
Zip Co Ltd (ASX: Z1P)
The Zip Co share price continued its remarkable run and hit a record high of $6.79 on Wednesday. Investors have been fighting to get hold of the payments company's shares since it announced an agreement to acquire New York-based buy now pay later provider QuadPay. This deal will see the company go head to head with Afterpay Ltd (ASX: APT) in the United States market. QuadPay is a leading, high growth, instalment provider with 1.5 million customers and 3,500 merchants on its platform. From these it is currently generating annualised total transaction value of over $900 million and annualised revenue of $70 million. This is just the smallest fraction of a U.S. retail market estimated to be worth a staggering $5 trillion.
