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Why these 3 ASX shares just hit new all-time highs

Although the market has sunk notably lower for two days in a row, a number of shares on the local market have managed to push higher regardless.

In fact, a few have even managed to reach new all-time highs today. Here are three that caught my eye:

The Altium Limited (ASX: ALU) share price climbed to an all-time high of $14.26 today, bringing the tech company’s 12-month return to a massive 80%. Investors have been encouraged by the strong demand for Altium’s award-winning printed circuit board design software and management’s belief that it is on target to reach US$200 million in revenue by FY 2020. This will be almost double the US$110.9 million it delivered in FY 2017. I think its shares are starting to look fully valued now, but could still be a good option for patient buy and hold investors.

The Medical Developments International Ltd (ASX: MVP) share price reached an all-time high of $7.73 in morning trade. Investors appear to be betting on the company’s Penthrox pain management product’s international expansion being a big success. The green whistle, as it is also known, was recently approved for sale in a further 22 European countries. I expect later this year the company will be granted FDA approval, allowing it to commence sales and marketing activities in the U.S. market. As a non-opioid analgesic, I feel there is a large market opportunity in a country beset by opioid addiction.

The Nzuri Copper Ltd (ASX: NZC) share price jumped 20% to a record-high of 48 cents on Thursday. Investors have been fighting to get hold of its shares due to the potential of its copper and cobalt development projects in the Democratic Republic of the Congo. These two metals are in great demand at the moment and command high prices. This could mean that Nzuri is sitting on a couple of lucrative assets.

If you're looking for the next shares to jump to record highs, try these growth shares. I'm tipping them for big things this year.

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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 Altium. 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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