The S&P/ASX 200 (Index: ^AJXO) (ASX: XJO) is up 0.60% today on investor optimism over the outlook for the global economy, with three well-known companies hitting new 52-week highs this week. Over time for companies growing strongly or with decent outlooks, 52-week highs can become 52-week lows so it's worth paying attention to these kinds of businesses. Let's take a look at what may be behind their investor support.
The Breville Group Ltd (ASX: BRG) share price is at a 52-week high this month after the high-end kitchen appliance business posted a strong result for the six-month period ending December 31 2016.
For the half-year Breville reported profits of $33.7 million on revenues of $339.2 million which were up 9.4% and 2.4% over the prior corresponding half. Earning per share for the period of 25.9 cents were also up 9.4% as the group's global growth strategy is starting to gain traction after a lean few years. For investors who believe the company's products (think extremely common kitchen appliances like kettles and toasters) can continue to deliver sales growth the stock may offer a good mix of yield and value at $9.90.
The Macquarie Group Ltd (ASX: MQG) share price hit a multi-year high of $89.40 today as bank shares globally continue to rise in value on expectations that a higher lending rate environment will benefit their bottom lines.
Macquarie though is more of an asset manager then a vanilla bank lender and its shares are likely to be enjoying some support due to the strength of global equity and other capital markets over the last six months. Macquarie could also enjoy a boost to its bottom line if U.S. President Trump holds good to his promise to deregulate the banks and slash corporate tax rates.
The CSL Limited (ASX CSL) share price is up to $124.80 today at a 52-week high after the company recently upgraded its full year profit guidance to growth of 18%-20% for FY2017. CSL investors are also a beneficiary of a stronger Australian dollar as the company reports in U.S. dollars and earns the vast majority of its revenues and profits in that currency.
CSL shares will go ex-dividend on March 15 which is another factor that is likely supporting the share price over the short term.
