On Thursday the All Ordinaries index raced 0.7% higher to close the day at 6,417.5 points, leaving it trading within sight of its highest level of the year.
Whilst this is incredibly positive, a number of shares on the index went one better and climbed to 52-week highs yesterday. Here’s why they are scaling new heights:
The Dicker Data Ltd (ASX: DDR) share price climbed to a new high of $5.20 on Thursday. Investors have been scrambling to get hold of the shares of the distributor of information technology products after the release of an impressive first quarter result. The company has started FY 2019 very strongly, reporting total revenue growth of 21.1% to $386.9 million and profit before tax growth of 46.7% to $13.5 million. This was driven by the strong performance of all its vendor partnerships. Whilst management expects its profit growth to moderate as the year progresses, investors appear confident that Dicker Data will smash its full year guidance again in FY 2019.
The IDP Education Ltd (ASX: IEL) share price continued its strong run and hit a new high of $16.09 yesterday. This latest gain means the international student placement services company’s shares have now risen almost 86% since this time last year. The catalyst for its rise this week appears to be a note out of Macquarie which revealed that the broker has retained its outperform rating but lifted the price target on its shares to a lofty $17.50. The broker believes IDP Education’s digital strategy could disrupt the global student recruitment market and drive strong long term growth.
The Telstra Corporation Ltd (ASX: TLS) share price hit a 52-week high of $3.51 on Thursday. The return of more rational competition in the telco sector, a solid first half result, and the ACCC’s decision to block the TPG Telecom Ltd (ASX: TPM)-Vodafone Australia merger have been key drivers of its strong share price rise in 2019. In respect to the latter, many in the market believe that the delays and distraction caused by the appeal process will allow Telstra to cement its position as the leader in 5G in Australia.
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