On Monday the S&P/ASX 200 Index (ASX: XJO) was back on form and pushed higher.
While a good number of shares climbed higher with the market, a few stood out with particularly strong gains that took them to new highs.
Here's why these three ASX shares just hit record high:
5G Networks Ltd (ASX: 5GN)
The 5G Networks share price rocketed 23% higher on Monday and hit a record high of $1.95. This was despite there being no news out of the telecommunications carrier. However, given its focus on managed cloud and data centre solutions and the rapidly accelerating shift to the cloud, investors appear to be buying 5G Networks' shares on the belief that demand for its offering is growing strongly.
Redbubble Ltd (ASX: RBL)
The Redbubble share price jumped to an all-time high of $2.50 yesterday. The ecommerce company's shares have been on fire over the last few months after the shift to online shopping caused its sales to go through the roof. For example, last month Redbubble released an update which revealed that fourth quarter to date, marketplace revenue was up 107% over the prior corresponding period. As a result of this quicker than expected growth, its operating earnings before interest, tax, depreciation and amortisation (EBITDA) for the period 1 July 2019 to 31 May 2020 was $11.9 million. This compares to the operating EBITDA of just $3.8 million it recorded in FY 2019.
Saracen Mineral Holdings Limited (ASX: SAR)
The Saracen Mineral share price stormed to a record high of $6.60 on Monday. Investors were buying Saracen and rest of the gold miners on Monday after the price of the precious metal broke through the US$1,900 an ounce mark and hit a record high. This has been driven by a combination of the pandemic, escalating US-China tensions, interest rate cuts, and a weakening U.S. dollar. With an all-in sustaining cost of A$1,101 an ounce, Saracen's operations are generating material free cash flows thanks to the current gold price.
