With the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) climbing to a 52-week high of 6,080 points today, it will come as little surprise to learn that a number of shares reached new highs of their own.
Three that stood out for me are listed below. Here's why they are at new highs:
The Livetiles Ltd (ASX: LVT) share price reached a new all-time high of 40.5 cents on Tuesday. Investors have been fighting to get hold of the technology company's shares after it announced a deal with global tech giant Microsoft last week. The two companies have joined forces in the fast-growing artificial intelligence market and will launch LiveTiles Bots as a solution that demystifies AI technology and can be quickly deployed within Microsoft's Azure platform. Considering the size of the opportunity, LiveTiles could be a great share to own in 2018.
The Nextdc Ltd (ASX: NXT) share price reached a record high of $6.14 today. The data centre operator's shares were given a boost on Monday when international rival Equinix bought local competitor Metronode for around $1 billion. The market believes the hefty premium paid demonstrates how lucrative the data centre market is. Analysts at Citi have argued that NEXTDC is best placed in the Australian market to take advantage of the booming growth and I wholeheartedly agree.
The Orocobre Ltd (ASX: ORE) share price continued its stellar run and closed at an all-time high of $6.63 on Tuesday. The market has responded incredibly positively to the lithium miner's pricing update on Monday. In the update Orocobre revealed that tight markets and strong demand for lithium means it expects to command a price 25% higher than the US$11,000 a tonne it averaged in the December quarter. While it isn't my first pick in the industry, I do believe it is poised to deliver strong profit growth in FY 2018.
