With the market following the lead of U.S. markets and racing higher today, it will come as no surprise to learn that a few shares have hit 52-week highs or better.
Three shares that accomplished this feat are listed below. Is it too late to buy these high-flyers?
The Afterpay Touch Group Ltd (ASX: APT) share price touched on an all-time high of $9.87 on Tuesday before fading as the day went on. Investors have been fighting to get hold of the payment solutions company's shares due to its expansion into the lucrative U.S. retail market. While I don't necessarily think it is too late to invest, its shares are certainly a very high-risk option right now. This is because a lot of success in the U.S. market has arguably been priced into its share price already.
The National Storage REIT (ASX: NSR) share price climbed to a two-year high of $1.70 today despite there being no news out of the storage giant. I suspect that income investors have been driving the National Storage share price higher over recent months. This is because in my opinion the company is a great alternative to the banks and telcos thanks to its strong business model and positive long-term outlook due to the planned expansion and redevelopment of its centre network. I would class it as a buy despite its strong gain.
The Wesfarmers Ltd (ASX: WES) share price continued its solid run on Tuesday and reached an all-time high of $50.00. Despite the mess caused by the ill-fated expansion into the UK hardware market, investors have been snapping up Wesfarmers' shares in their droves this year. One key catalyst for this is likely to be the planned spin-off of the Coles supermarket business. But at 20x estimated full-year earnings I think its shares are looking a bit overvalued now.
