These 2 exciting ASX 200 shares soared higher today

The ASX 200 climbed higher on Tuesday but these two high-profile ASX 200 shares decisively outperformed the index. We take a closer look.

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Overall, it was a positive day for the S&P/ASX 200 Index (ASX: XJO). The index recouped nearly all of yesterday's losses, closing out the day 0.77% higher at 6,123.40 points. But as always, there were some ASX 200 shares that significantly outperformed the index. Let's take a look at what drove these two high-profile shares higher today. 

2 ASX 200 shares that climbed higher today

CSL Limited (ASX: CSL)

The second largest company on the ASX by market capitalisation, this blue-chip biotech is involved with the research and development of blood medicines as well as vaccinations.

CSL's major strength is its plasma products – made from human blood. In Australia, the company relies on blood donated through the Red Cross. However, a majority of the company's source material comes from donors in the United States. US donors are paid each time they donate blood which represents a strong monetary incentive for people, particularly in the current climate.

CSL holds around 20% share of the global plasma market.

Financial Outlook

Over the past few months, there have been concerns regarding the impact coronavirus will have on plasma collections for CSL as these are considered the lifeline of the company. However, CSL has actually stockpiled enough blood plasma to see it through until next year.

CSL will be releasing its FY 2020 results tomorrow. The ASX share market is expecting the biotech giant to post a net profit after tax of US$2.11 – $2.17 billion and a capital position of around US$1.1 billion in liquidity. All eyes will be on management's outlook statements for FY2021. If today's CSL share price is anything to go by, clearly investors are expecting good news. 

By the close of trade today, the CSL share price was up 4.5% to $293.29. It will be interesting to see whether the Aussie biotech can keep up this momentum following Wednesday's update. 

Nearmap Ltd (ASX: NEA)

A leading specialist in high-resolution aerial imagery technology and location data, Nearmap provides geospatial map technology for business customers across Australia, New Zealand, the US, and Canada.

The company's subscription-based service is used by a diverse range of customers in industries such as government, architecture, construction, engineering, insurance, real estate, and a host of others.

Financial Outlook

Nearmap has been growing its sizeable recurring revenue at a strong rate due to increasing demand for its services. Management expects the global imagery market to be worth US$10.1 billion this year. This is extremely positive given Nearmap operates in a highly fragmented market.

In April, the company released a business update to the market advising it had not seen any material impact from the current trading conditions. However, a number of cost-saving measures were implemented to preserve cash and maintain a healthy balance sheet without the need for capital raising.

Last week, a positive note out of broker, Citi, raised Nearmap's shares to a target price of $2.75.

Like CSL, Nearmap will be releasing its FY 2020 results to the market on Wednesday this week. And, once again, it would appear that investors are expecting good things. By the end of the day, the Nearmap share price was up 6.3% to finish Tuesday's session at $2.68. The Nearmap share price has risen a staggering 212% from its March low and is 6.8% up in year-to-date trade.

Foolish takeaway

The share market is clearly anticipating good things to come from both these ASX 200 shares. Both the CSL and Nearmap share prices have finished the day in positive territory – outperforming the ASX 200 less than 24 hours before the release of their FY20 results.

Although tomorrow will be an active day for investors as they digest the hotly anticipated results, regardless of this, I think that both CSL and Nearmap shares are great, long-term hold options.

Aaron Teboneras owns shares of CSL Ltd. and Nearmap Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. and Nearmap Ltd. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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