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These 3 ASX shares just surged to 52-week highs: Can they go even higher?

Unfortunately for their respective shareholders, a number of shares including Cash Converters International Ltd (ASX: CCV) and Healthscope Ltd (ASX: HSO) fell to 52-week lows yesterdays.

But not all shares fared so badly during trade on Monday. In fact, several shares scaled to new 52-week highs:

The Cimic Group Ltd (ASX: CIM) share price climbed to a 52-week high of $41.12 on Monday. The month of May has certainly been a busy one for the leading construction company. It has announced no less than five building contracts this month worth a total of around $1 billion. A further positive has been news that the company had its credit rating increased by Standard & Poor’s. Whilst things look very positive for Cimic moving forward, at 28x trailing earnings I think its shares are a touch expensive now.

The Codan Limited (ASX: CDA) share price jumped to a multi-year high of $2.56 yesterday. A trading update in the middle of the month has been the catalyst for its recent gains. That update revealed that thanks to strong metal detector sales into Africa, group sales for the ten months to 30 April were $191 million. This is an impressive 33% increase on the prior corresponding period. With underlying net profit after tax expected to come in at $44 million, Codan’s shares still look to be great value in my opinion.

The Freedom Insurance Group Ltd (ASX: FIG) share price jumped to an all-time high of 80.5 cents on Monday following the release of yet another positive market update from the life insurance provider. Due to strong sales and improved operating efficiencies, management advised that it expects to hit the upper-end of its full-year guidance. Despite its incredible 130% gain since hitting the ASX boards late last year, I still believe that Freedom Insurance’s shares could climb higher.

Finally, here are three more quality shares which I think could be destined to make new highs over the next few months. I think their strong earnings growth and growing dividends make them great options for investors.

Top 3 ASX Blue Chips To Buy In 2017

For many, blue chip stocks means stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool's in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool's Top 3 Blue Chip Stocks for 2017."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

If you're expecting to see the likes of Commonwealth Bank, Telstra and Wesfarmers shares on this list, you'll be sorely disappointed. Not only are their dividends growing at a snail's pace, their profits are under pressure too due to the increasing competitive environment.

The contrast to these "new breed" blue chips couldn't be greater... especially the very real prospect of significant share price gains, something that's looking less likely from the usual blue chip suspects.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand - and how quickly the share prices of these companies moves - we may be forced to remove this report.

Click here to claim your free report.

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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