Why these 3 ASX shares are at 52-week highs

Although it faded as the day went on, at one stage the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) reached a multi-year high of 6,143 points.

Unsurprisingly this led to a number of shares on the local market climbing to multi-year highs of their own. Here are three shares which caught my eye today:

The BWX Ltd (ASX: BWX) share price has hit a new all-time of $7.89 today despite there being no news out of the personal care company behind the Sukin skincare range. Last year BWX announced a number of acquisitions that are expected to be highly accretive to earnings. I believe these acquisitions will complement the international expansion of the Sukin range and lead to above-average earnings growth over the next few years.

The Elders Ltd (ASX: ELD) share price has continued its strong run and climbed to a 52-week high of $8.42. Investors appear to have been very impressed at the successful turnaround of the agribusiness company. In November Elders reported a statutory net profit of $116 million, up from $64.4 million a year earlier. While I think the days of it being a bargain buy are long gone now, I think it could still climb higher from here.

The MGC Pharmaceuticals Ltd (ASX: MXC) share price stormed to a new high of 12.2 cents on Monday. The Europe-based cannabis company was initially seen as being a loser from the recent change in regulations to allow medicinal cannabis exports out of Australia. However, since the change the company has announced that it will now intensify its focus and fast track plans on developing a pharmaceutical grade medicinal cannabis cultivation and manufacturing strategy in Australia that complement its existing operations in Europe.

Finally, here are three more growth shares which I think could be set to touch on new highs this year.

Top 3 ASX Blue Chips To Buy In 2018

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited. The Motley Fool Australia has recommended Elders Limited. 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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