The S&P/ASX 200 closed down 30 points to finish off June 5 trade at 5,994 points, but these three shares were flying at 52-week highs.
Here’s a look at why.
Afterpay Touch Group Ltd (ASX: APT)
Payment solutions company Afterpay Touch Group Ltd has certainly asserted itself as a growth stock in recent times, with its launch in the US market holding the key to its continued success.
Afterpay last month announced it commenced transacting in the US in a “phased approach” with a number of significant lifestyle retailers, including Urban Outfitters Inc – one of the largest lifestyle brands in the US.
Urban Outfitters boasts a sales volume of US$3 billion across its stores and digital channels, with well-known brands Anthropologie and Free People in its name.
Afterpay has snagged more than 50 US retailers to launch its US market expansion including Australian brands with an overseas presence such as Lorna Jane.
There is plenty to be gained for Afterpay from boosting its prominence in the US market, with more than 15% of the total US$60 billion US fashion market purchased online. In total 67% of US consumers aged 18-29 are without a credit card and therefore requiring services such as Afterpay to complete transactions.
In an April business update to investors Afterpay reported strong growth, with sales up 400% for the first three quarters of FY18 and significant new contracts coming on board as a key enabler.
Afterpay’s shares hit a 52-week high on June 5, closing off the day’s trading at $8.54.
Xero Limited (ASX: XRO)
Shares in online accounting and business services software provider Xero Limited hit a 52-week high on June 5 when its share price reached $42.30 – up 68% from its $25.19 share price at the same time last year.
Xero has certainly had some success selling its products across the UK, Australia and New Zealand, but the key now is to achieve that sort of success in the US to really see things go gangbusters for this $5.87 billion market cap company.
Xero’s product suite was named Australia’s best accounting software from 2015-2017 by Canstar Blue.
There is hope newly-appointed CEO Steve Vamos will be able to ensure Xero’s bold global expansion plans come to fruition.
Vamos has worked for Microsoft and Apple and serves as a non-executive director for Telstra Corporation Ltd (ASX: TLS).
Xero has already come a long way from its humble beginnings 11 years ago – when four business partners kicked off the business in a small apartment in Wellington – to its current status of more than 2,000 staff across 8 countries with 1.2 million subscribers.
It is certainly an exciting option in the tech space and if it’s not on your watch list, it should be.
Costa Group Holdings Ltd (ASX: CGC)
Shares in Australian horticultural company Costa Group Holdings Ltd have hit a 52-week high, up from just $4.80 at this time last year to close off June 5 at $7.90.
Costa has leveraged well off increasing global demand for fresh, safe produce, with Costa’s operations including 3,500 hectares of farmland, 30 hectares of glasshouse facilities and seven mushroom-growing facilities across Australia.
Costa is among several agricultural stocks on the ASX doing well lately, with shares in almond producer Select Harvests Limited (ASX: SHV) also at a 52-week high – closing off June 5 at $7.25 from a share price of $4.10 at this time last year.
Walnut producer Webster Fully Paid Ord. Shrs (ASX: WBA) has also been enjoying a share price surge – hitting a 52-week high on June 4, when its shares reached $1.90.
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Motley Fool contributor Carin Pickworth owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO and Telstra Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO and Xero. 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 Scott Phillips.