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Why these 3 ASX shares stormed to 52-week highs

The local market may have sunk deep into the red again today, but that hasn’t stopped some ASX shares from racing to 52-week highs.

Three which caught my eye are listed below. Here’s why they are making new highs today:

The Afterpay Touch Group Ltd (ASX: APT) share price has reached a new high of $8.16 this morning. Investors have been fighting to get hold of the payment solutions company’s shares since yesterday’s business update. As well as revealing explosive underlying sales, users, and merchants growth, management revealed that it is looking into expanding into the U.S. market. I believe the Afterpay platform could be a big success in the lucrative United States retail market. This could make it a great buy and hold investment option.

The Bravura Solutions Ltd (ASX: BVS) share price rose to a new all-time high of $2.09 on Wednesday. Bravura is a software solution company based in the wealth management, life insurance, and funds administration industries. It recently announced a long-term contract with New Zealand-based ASB Bank for the implementation of its Sonata platform. ASB Bank, a subsidiary of Commonwealth Bank of Australia (ASX: CBA), appears to have been impressed with the Sonata platform. It provides users with a customer-centric digital platform that can streamline administration and increase cost efficiencies though powerful inbuilt workflow process automation. Bravura could be one to watch, especially considering how the financial industry is focusing on cutting costs.

The Metcash Limited (ASX: MTS) share price climbed to a 52-week high of $3.27 today despite there being no news out of the wholesale distributor since its half-year release in early December. That update revealed an 18.7% increase in earnings before interest and tax on the prior corresponding period to $152 million. Investors appear to believe this level of growth makes its shares cheap at approximately 13x trailing earnings. While I’m not overly bullish on the industry, at the current share price it could be a good alternative to industry peers Wesfarmers Ltd (ASX: WES) and Woolworths Group Ltd (ASX: WOW).

Here are three more shares which I think could climb to 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 Wesfarmers Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO and Bravura Solutions Ltd. 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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