Why these 4 ASX shares just hit new 52-week highs

The WAM Capital Limited (ASX:WAM) share price is one of four to have hit a 52-week high this week. Here's why these shares have hit new highs…

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Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) didn't start the week strongly, that didn't stop a number of shares from jumping to new 52-week highs.

Four shares in particular stood out. Here's what has driven them to these new heights:

The MaxiTRANS Industries Limited (ASX: MXI) share price hit a 52-week high of 76 cents yesterday. The leading supplier of road transport equipment has seen its shares gain a remarkable 45% year-to-date thanks largely to a solid first-half of FY 2017. Earnings per share rose 17% on the prior corresponding period to 3.3 cents. Based on this its shares are changing hands at just 11x annualised earnings. With management tipping a stronger second-half, I'm not overly surprised to see its shares rally.

The MMJ Phytotech Ltd (ASX: MMJ) share price hit a new 52-week high of 75 cents yesterday. Incredibly this means the pot stock has now risen an astonishing 240% year-to-date. Interest in the industry has grown strongly recently following the government's plan to relax regulations around the use of medical marijuana. Fellow pot stock Zelda Therapeutics Ltd (ASX: ZLD) also reached a new high yesterday.

The WAM Capital Limited (ASX: WAM) share price hit an all-time high of $2.56 on Monday. Investors appear to be impressed by WAM Capital's ability to consistently outperform the market. But perhaps the most attractive part of investing in WAM Capital is its growing fully franked dividend. At present its shares provide a trailing fully franked 5.8% dividend. WAM Capital's shares go ex-dividend on April 13.

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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