With the Australian share market trading close to its highest levels of the year, it will come as no surprise to learn that a number of ASX shares are doing the same.
Three ASX shares which have just hit new highs are listed below. Here's why investors have been buying their shares:
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BlueScope Steel Limited (ASX: BSL)
The BlueScope Steel share price hit a multi-year high of $19.01 on Monday. Investors have been buying the steel producer's shares after spot prices climbed to very favourable levels. This led to analysts at Ord Minnett recently putting an accumulate and lofty $24.00 price target on the company's shares. Its analysts believe the company may have to upgrade its earnings guidance in the near future.
Codan Limited (ASX: CDA)
The Codan share price continued its positive run and climbed to a record high of $15.74 yesterday. Investors have been buying the electronic products company's shares thanks to its strong performance in FY 2020 and FY 2021. This has been underpinned by very strong demand for metal detectors thanks to new product launches and a sky high gold price. Also giving its shares a boost on Monday was news that Codan will be included in the ASX 200 at the next quarterly rebalance.
Silk Laser Australia Ltd (ASX: SLA)
The Silk Laser share price was on form again on Monday and rose to a new record high of $5.20. This latest gain means the laser clinic company's shares are now up 50% from their December IPO price of $3.45. The catalyst for this was the release of a very strong half year result in February. For the six months ended 31 December, Silk Laser revealed a 62% increase in network sales to $44.9 million and a 305% jump in net profit after tax to $4.7 million. This strong form is expected to continue in the second half, leading to management upgrading its full year guidance.
