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These shares just stormed to 52-week highs: Can they go higher?

Credit: Joits

It’s not only the Australia and New Zealand Banking Group (ASX: ANZ) share price climbing to a new 52-week high today, several shares have also followed suit with solid gains.

Three which have caught my eye are listed below. Here’s why they have hit new 52-week highs:

The Australian Pharmaceutical Industries Ltd (ASX: API) share price reached a 52-week high of $2.20 this morning. Investors have been fighting to get hold of the Priceline operator’s shares since it announced a 15% increase in underlying net profit after tax last week. Despite trading at a 52-week high, I think its shares are great value for money at just over 18x trailing earnings.

The BT Investment Management Ltd (ASX: BTT) share price climbed to a 52-week high of $11.91 this morning and is now closing in on its all-time high. Although many investors expected the Brexit to negatively impact the fund manager, the company has gone from strength to strength despite the currency headwinds. Thanks to large in-flows from its JO Hambro business, BTIM recently reported a 4.8% increase in funds under management.

The Qantas Airways Limited (ASX: QAN) share price has hit a new 52-week high of $4.16 today. Incredibly this latest gain means the leading airline has now seen its shares rise by a remarkable 24% so far this year. A combination of broker upgrades and falling oil prices are likely to be the reason behind the strong gain. Whilst it’s shares are getting a little expensive now, I still believe Qantas could fly higher if oil prices stay low.

Here are three more shares which I think are on their way to new 52-week highs. Grab them whilst you can!

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.

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