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.
