Although the All Ordinaries (Index: ^AXAO) (ASX: XAO) has risen just a disappointing 2% so far this year, that hasn't held back a number of shares on the index.
Three of the best performers on the index this year are listed below. Here's why they have gone gangbusters in 2017:
The Clean TeQ Holdings Limited (ASX: CLQ) share price has risen 52% so far this year thanks to its exposure to the cobalt boom through its world class Syerston Nickel Cobalt Scandium Project in New South Wales. The mineral deposit is one of the largest and highest grade sources of cobalt outside Africa, putting the company in a great position to profit from the insatiable demand for cobalt to be used in lithium batteries.
The Freedom Insurance Group Ltd (ASX: FIG) share price has climbed a massive 72% since the turn of the year. Investors have been fighting to get hold of the life insurance products provider's shares following no less than two upgrades to its full-year guidance. Furthermore, investors appear to have been impressed by the company doubling its market share of direct life insurance sales in Australia this year to 10.7%. With management still aiming to take more market share, I feel Freedom Insurance's shares could still climb higher over the next 12 months.
The Updater Inc (ASX: UPD) share price has gone absolutely nuts this year and gained over 115%. This technology company provides a platform which aims to make the moving home process easier for consumers in the United States. The company has been growing its market penetration at an impressively high rate. Earlier this month Updater announced that its estimated market penetration of quarterly moves processed for the second-quarter of 2017 surpassed 11% of all household moves in the United States. This is the seventh quarter in a row of growth and I expect more of the same in the future. This is certainly one to watch closely.
