Although the performance of the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has been reasonably mixed in the last few months, that hasn’t stopped some shares from rocketing higher.
The shares listed below have just hit 52-week highs. Can they keep climbing higher?
The Jumbo Interactive Ltd (ASX: JIN) hit a multi-year high of $2.82 yesterday. This fast-growing lottery reseller’s shares have rallied a massive 19% this month on the back of news that its decade-long lottery reseller agreements with Tatts Group Limited (ASX: TTS) have been extended for at least five more years. Furthermore, Tatts has acquired a 15% stake in the company. I believe this is great news and think that Jumbo is still reasonably good value despite the strong gain.
The RCR Tomlinson Limited (ASX: RCR) share price hit a two-year high of $3.42 on Monday. The diversified engineering and infrastructure company announced a series of major contract wins in the last few weeks worth almost $400 million. One such contract, valued at $175 million, is to design and construct one of Australia’s largest utility solar farms located in Dalby, Queensland. I believe its shares are fully priced now, but should the new contracts keep rolling in then there could be further upside potential.
The XERO FPO NZX (ASX: XRO) share price reached a two-year high of $22.08 yesterday. The catalyst for this has been its impressive increase in subscriptions and the release of a strong full-year result last week. At the end of March the company reported that its cloud accounting software platform had surpassed one million subscribers. This ultimately led to Xero posting a 43% jump in full-year revenue last week. I believe Xero’s growth is only just starting, which could make it a great option for investors even at its two-year high.
Where to invest $1,000 right now
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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Xero. 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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