The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) enjoyed strong gains on Tuesday to finish the day 0.9% higher. Despite Tuesday’s gains, the market is still nursing losses of around 6% since the beginning of calendar year 2016.

As always, individual stock performances can vary greatly from the market average.

In fact, despite the index still being down under the 5,000-point level, there are a number of stocks hitting fresh 52-week highs.

Vocus Communications Limited (ASX: VOC) has touched a new all-time high of $8.75 and this comes in the wake of its merger with M2 Group. Vocus’ shareholders have now enjoyed gains of 44% in the past year.

Fellow telecommunications service provider Macquarie Telecom Group Ltd. (ASX: MAQ) has also been hitting fresh highs. Macquarie Telecom’s shares hit $9.49 recently, a level not seen since 2012. Macquarie Telecom shareholders have now enjoyed gains of close to 92% in the past year.

Jumbo Interactive Ltd (ASX: JIN) is a provider of online lottery ticket sales. The shares have rallied strongly since the group’s half year results were released in February and the stock recently hit a high of $1.43. Over the past 12 months, shareholders have witnessed a 35% increase in the share price.

Sydney Airport Holdings Ltd (ASX: SYD) recently rallied as high as $6.82 which marks a new all-time high for the airport operator. In the past year shareholders have experienced gains of 25%.

Trending higher?

Hitting a new high in itself is certainly no reason to buy or sell a stock. Indeed, a growing company will see its shares hit new highs on many, many occasions. In making any buy or sell decision, what matters is where the price of the stock sits in relation to your appraisal of value.

Given the current momentum in each of these four stocks it would appear that the market has reappraised its view on value.

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Motley Fool contributor Tim McArthur owns shares in Vocus Communications Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.