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.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We're living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That's why at The Motley Fool we've been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Cochlear or REA Group.

We've found three exciting companies that we believe re poised to perform in the new year. Click here to uncover these ideas!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.