Although the market sank lower on Wednesday, it didn’t stop the ALS Ltd (ASX: ALQ) share price from charging 4% higher to a new 52-week high of $8.16.
This brought the year-to-date return for the testing services company’s shares to almost 35%.
Why have its shares climbed higher?
Although there appears to be no notable news or broker reports that today’s gain can be attributed to, investors have been fighting to get hold of ALS shares since the release of a strong full-year result earlier this year.
Its shares were given a further boost in July when management provided the market with first-half guidance for FY 2018.
According to that release, ALS expects first half underlying after tax profit from continuing operations to be in the range of $70 million to $75 million.
This will be a sizeable increase on the $60 million it achieved in the first-half of FY 2017.
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Motley Fool contributor Motley Fool Staff 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.