On Thursday the S&P/ASX 200 Index (ASX: XJO) was back on form and stormed higher.
A good number of shares were on the rise yesterday, with a handful even managing to hit record highs.
Three ASX 200 shares that have just reached this milestone are listed below. Here's why they are flying high:
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Coles Group Ltd (ASX: COL)
The Coles share price was on form again on Thursday and climbed to a record high of $18.54. Investors have been buying the supermarket giant's shares in anticipation of the release of a strong full year result in August. Coles has experienced a strong increase in sales this year because of the pandemic. This appears to have positioned it to deliver a solid lift in its earnings and dividends. And given the recent outbreak in Victoria, FY 2021 could be equally as strong.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price continued its positive run and hit a record high of $17.59 yesterday. The iron ore producer's shares stormed higher after the release of its fourth quarter update. During the quarter, Fortescue shipped 47.3 mt of iron ore. This took its FY 2020 total shipments to 178.2mt, which was ahead of its guidance. This was achieved at a low C1 cost of US$12.94 per wet metric tonne, despite increased expenses relating to the COVID-19 pandemic. This compares to its average realised selling price of US$81 a dry metric tonne. In FY 2021, Fortescue is aiming to ship 175mt to 180mt with C1 costs of US$13.00 to US$13.50 per wet metric tonne.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price hit a record high of $46.30 on Thursday. Investors have been buying the retailer's shares after its sales surged during the pandemic. This appears to have positioned JB Hi-Fi to deliver a very strong full year result next month. Goldman Sachs, for example, expects the company's earnings before interest and tax to come in 34.8% higher in FY 2020. Though, it is worth noting, that after its strong share price gain, the broker rates JB Hi-Fi's shares as neutral on valuation grounds.
