Although it has been a turbulent year with many ups and downs, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has still managed to carve out a solid 5% gain so far this year.
Whilst this is a good return, it pales in comparison to the returns some shares have provided for investors. Here are four shares which have more than doubled in value this year.
Afterpay Holdings Ltd (ASX: AFY)
Shareholders of this fast-growing payment company have seen its share price rise a massive 119% in 2016. Afterpay provides retailers with the ability to offer interest-free, buy now, pay later options online and in-store. The company takes a small percentage of the sale in exchange for bearing its default risk. Afterpay recently announced a deal with Super Retail Group Ltd (ASX: SUL) to bring the total number of retailers using its platform to over 1,500. I think the company has a bright future ahead of it, though it is starting to look a little expensive.
Codan Limited (ASX: CDA)
Codan designs and manufactures a wide range of electronic products, including radio communications, metal detectors, and mining technology. Its shares are up 179% this year thanks partly to an extremely strong start to FY 2017. Management recently revealed that sales in the first four months of FY 2017 were up 76% on the prior corresponding period to $74 million. Despite the rapid rise in its share price, its shares are still changing hands at just 11x forecast full year earnings. At this price Codan could be worth a closer look in my opinion.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
Clinuvel is the company behind the Scenesse treatment for Erythropoietic Protoporphyria, a rare genetic enzymatic disorder causing lifelong absolute light intolerance. The treatment is already available on prescription in a number of European countries and the company is making significant progress in its quest for FDA-approval in the United States. Although it is a niche market, the market clearly recognises that it has the potential to be very lucrative. As a result its shares are up 185% this year.
Galaxy Resources Limited (ASX: GXY)
This lithium miner has gone absolutely gangbusters this year and produced an incredible 326% gain for its shareholders. Lithium prices have risen at a strong rate thanks to growing demand for its use in batteries for smartphones, tablets, and electric cars. I wouldn't expect similar gains next year though. A recent report in the Financial Times revealed that the global market for battery chemical lithium will remain fairly balanced for the next four to five years.
