Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fallen around 2.5% in May, that hasn't stopped a number of shares from storming to new 52-week highs.
Here are three which caught my eye:
The Elders Ltd (ASX: ELD) share price hit an all-time high of $4.85 on Monday. Investors have been piling into the agricultural company following last week's impressive half-year result. Thanks to improved seasonal conditions and geographical growth Elders reported a massive 56% increase in half-year profit to $38 million. I've been very impressed with the company's turnaround and think it could be worth taking a closer look at today.
Although it finished the day flat, at one stage the Fairfax Media Limited (ASX: FXJ) share price reached a 52-week high of $1.26 yesterday. Judging by the current share price, investors appear to expect the TPG Group consortium to come back with a better takeover offer. At present the best offer on the table from Hellman & Friedman LLC values the company between $1.225 and $1.25 per share in cash. I would keep away from Fairfax for the time being. While both parties have been granted due diligence, there is no guarantee that a takeover will go ahead.
The WiseTech Global Ltd (ASX: WTC) share price stormed to an all-time high of $7.20 on Monday. The software-as-a-service provider for the logistics industry received a boost yesterday after UBS named it as one of its next big growth shares. Although its shares do trade on a very high earnings multiple, I do believe its current growth prospects justify the premium. Especially when you consider the stickiness of its platform and its growing popularity. This could make it a great buy and hold investment option in my opinion.