ResMed Inc. (ASX:RMD) and these ASX shares have just hit record highs. Here’s why they are flying high right now…
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On Monday the S&P/ASX 200 Index (ASX: XJO) was on form again and stormed to an eight-month high.
While this is a big positive, some shares have been performing even better than the index. So much so, they have just hit record highs.
Here are three high-flying ASX shares:
Ansell Limited (ASX: ANN)
The Ansell share price continued its positive run and hit a record high of $43.17 on Monday. Investors have been buying the health and safety products company’s shares this year due to its strong performance during the pandemic. This has been driven by increasing demand for personal protective equipment. Demand has been so strong that Ansell recently upgraded its guidance for FY 2021. It is now expecting organic growth to be in the double digits and earnings per share to be in the range of 135 cents to 145 cents. The latter is an increase of 7.1% from the low end and 5% from the high end of its previous guidance range of 126 cents to 138 cents.
NEXTDC Ltd (ASX: NXT)
The NEXTDC share price was on form again and hit a new record high of $14.10 yesterday. The data centre operator’s shares have been on fire this year after it experienced a surge in demand for its services. This was driven by the accelerating shift to the cloud caused by the pandemic. Also giving its shares a lift recently was the announcement of a new $1.5 billion debt facility. As well as lowering its cost of debt notably, it has positioned NEXTDC for growth. The latter potentially includes an expansion overseas, given that some of the facility is multi-currency. NEXTDC holds its annual general meeting later this week.
ResMed Inc. (ASX: RMD)
The ResMed share price stormed to an all-time high of $29.92 yesterday. This stretched its year to date gain to an impressive 35%. The catalyst for this latest gain has been the recent release of a first quarter update which smashed expectations. The sleep treatment-focused medical device company reported a 10% increase in revenue to US$751.9 million and a 37% lift in earnings per share to US$1.27. Management advised that it experienced strong demand for ventilators because of the COVID-19 pandemic.
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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia has recommended Ansell Ltd. and ResMed Inc. 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.