With the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) pushing almost 1% higher on Thursday, it will come as little surprise to learn that a good number of shares managed to reach 52-week highs.
Three in particular that caught my eye are listed below. Here's why they have reached new highs this week:
The Crown Resorts Ltd (ASX: CWN) share price climbed to a 52-week high of $13.58 on Thursday. Investors appear to be pleased with the way the company has been offloading its non-core assets. These include the sale of its share of a 34.6 acre vacant site on the Las Vegas Boulevard and its CrownBet stake. One broker that was especially pleased with the divestment plan was Goldman Sachs. It slapped a buy rating and $14.40 price target on Crown Resorts' shares in mid-December after the company revealed its plans. This could mean there is still a bit more upside for Crown Resorts' shares over the next 12 months.
The Evolution Mining Ltd (ASX: EVN) share price hit a 52-week high of $2.90 yesterday. Earlier this week the gold miner released its latest quarterly update which revealed a record low all-in sustaining cost of US$602 per ounce. Furthermore, group production for FY 2018 is expected to be above the midpoint of its 750,000 to 805,000 ounces guidance range. This is likely to mean bumper profits for Evolution in FY 2018 if the gold price holds firm. While I think the company has performed very well, I wouldn't be a buyer at the moment due to being bearish on the gold price as a result of rising U.S. interest rates.
The Volpara Health Technologies Ltd (ASX: VHT) share price surged to a 52-week high of 78 cents on Thursday. Investors have been fighting to get hold of the digital health company's shares since the release of a strong third-quarter update last week. According to the release, annual recurring revenue (ARR) has increased to NZ$2.7 million, from NZ$1.1 million at the end of FY 2017. This in conjunction with its deal pipeline places Volpara on track to exceed its 200% ARR growth target for FY 2018. While its shares are by no means cheap, I do think this level of growth goes some way to justifying the premium.
