Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has underwhelmed this year, that certainly hasn't been the case for all shares on the local market.
Three which have gone gangbusters this year and just reached 52-week highs are listed below. Can they go higher?
The AIR N.Z. FPO NZX (ASX: AIZ) share price has climbed to a 52-week high of $2.92 today. Thanks partly to low oil prices and improved profitability, investors have been flocking to the airline industry this year. This has helped take the Qantas Airways Limited (ASX: QAN) share price to a five-year high of $5.37 this morning as well. While Air New Zealand is likely to be a good investment still, my preference remains Qantas.
The Cleanaway Waste Management Ltd (ASX: CWY) share price has jumped to a 52-week high of $1.43 today. This means the waste management company's shares have rallied an incredible 80% since this time last year. A series of key contract wins has been behind the remarkable rise. Whilst I think its shares look about fair value now, there is still likely to be upside potential should Cleanaway win any more contracts.
The Monadelphous Group Limited (ASX: MND) share price hit a 52-week high of $13.84 today. The mining services company's shares have also been on a tear in the last 12 months and risen over 75%. Like Cleanaway, Monadelphous has benefited from significant contract wins this year. In fact, just today the company announced that it has secured new contracts and additional work with a combined value of approximately $125 million. Based on its current contracts I would say that its shares are fully valued now.
