The All Ordinaries (ASX: XAO) returned to form on Tuesday and raced notably higher.
While the majority of shares on the index pushed higher, some climbed more than most.
Three ASX shares that climbed so strongly they reached new highs are listed below. Here's why they are flying high right now:
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Afterpay Ltd (ASX: APT)
The Afterpay share price hit a new record high of $57.07 on Tuesday. Investors have continued to pile into the buy now pay later sector on the belief that the pandemic has accelerated the adoption of the payment method. In addition to this, strong sales and customer growth in the United States and the prospect of an expansion into the Asia market in the future has got investors excited. The latter follows recent news that WeChat owner Tencent Holdings has become a substantial shareholder.
Macquarie Telecom Group Ltd (ASX: MAQ)
The Macquarie Telecom share price reached an all-time high of $35.00 yesterday. Investors were buying the data centre and telecom company's shares on Tuesday after it revealed plans to build a new data centre. Macquarie Telecom will start building the Intellicentre 5 Bunker (IC5 Bunker) at its Canberra campus in July. This is in response to increased demand for cloud and cyber security services in its government segment. Stage one is expected to complete in December.
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price stormed to new high of $1.86 on Tuesday. When the gold miner's shares reached that level, it meant they were up 130% since this time last year. Investors have been buying Ramelius' shares after the gold price charged higher in 2020 due to the pandemic and interest rate cuts. The company's shares were also given a boost last week when S&P Dow Jones indices announced its inclusion in the S&P/ASX All Australian 200 Index from 22 June 2020.
