The market may have been out of form on Friday, but that didn’t stop some ASX shares from pushing higher.
Nor did it stop the three ASX shares listed below from climbing to new record highs. Here’s why these shares are flying high right now:
Afterpay Ltd (ASX: APT)
The Afterpay share price hit a record high of $82.00 on Friday. Investors were fighting to buy the payments company’s shares last week after a surprise upgrade to its earnings before interest, tax, depreciation and amortisation (EBITDA) guidance for FY 2020. According to the release, due to better than expected collections, its net transaction losses were far lower than first forecast. As a result, Afterpay is now forecasting EBITDA of approximately $44 million in FY 2020. This is a 76% to 120% increase on its previous EBITDA guidance of $20 million to $25 million.
Codan Limited (ASX: CDA)
The Codan share price continued its impressive run and hit a new all-time high of $11.08 last week. The catalyst for this was the release of an impressive full year result by the electronic products company. For FY 2020, Codan delivered record sales of $348 million thanks largely to strong metal detector demand. And on the bottom line, the company reported a record statutory net profit after tax of $64 million. This was an increase of 40% year on year. The exceptionally strong gold price has been supporting demand for its metal detectors.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price was on form again last week and climbed to a record high of $9.41. Investors have been buying this furniture retailer’s shares since the release of a very positive full year result earlier this month. Although Nick Scali posted a 2.1% decline in sales, it managed to hold its profits steady at $42.1 million. However, what really got investors excited was its guidance for the first half. Following a very strong start to the financial year, Nick Scali is forecasting its first half profit “to be up by at least 50-60%” compared to the same period last year.
The post Why Afterpay and these ASX shares just hit record highs appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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