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These ASX shares raced to 52-week highs today

Earlier today I had a look at a couple of shares which had unfortunately fallen to 52-week lows today.

Now I thought I would look at the other side of the coin, at the shares that have raced to 52-week highs today. Two that caught my eye are listed below. Here’s why they are flying high:

The Australian Vintage Limited (ASX: AVG) share price climbed to a 52-week high of 56 cents today. Although there hasn’t been any news out of the company for some time, there was positive wine export data released last month. That data revealed that Australia shipped out a record 811 million litres of wine in 2017, which was an 8% increase on 2016.

Furthermore, the share price of rival wine company rival Treasury Wine Estates Ltd (ASX: TWE) has scaled to new heights in the last couple of weeks on the back of a stellar half-year result. Investors may be betting that Australian Vintage has been able to turn around its performance. They won’t have long to wait to see if that is the case. It is due to report its earnings on February 21. I would suggest investors keep their powder dry until then.

The Idp Education Ltd (ASX: IEL) share price reached a 52-week high of $7.02 on Thursday a day after its strong half-year result release. The education services company posted an impressive 27% increase in first-half net profit after tax to $30.5 million thanks largely to strong demand for its English language tests.

One broker that liked what it saw was Goldman Sachs. According to a note released this morning, its analysts retained their buy rating on IDP Education and increased their price target on its shares by 24% to $7.90. I would have to agree with Goldman on this one. I was very impressed with its half-year result and think it could still be a great investment even after its sizeable gain this week.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Treasury Wine Estates 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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