With the market pushing higher today and edging closer to its 52-week high, it will come as no surprise to learn that several shares have just accomplished the same feat.
Three shares that have hit 52-week highs or better today are listed below. Here's why they are scaling new heights:
The Bravura Solutions Ltd (ASX: BVS) share price hit an all-time high of $3.52 this morning. Bravura provides software solutions for the wealth management, life insurance, and funds administration industries. Its key product offering is the increasingly popular Sonata web-enabled administration solution. Demand has been so strong that Sonata has now become the biggest contributor to the company's total revenue. Although its shares look fully valued now, I think the quality of the platform and its sizeable market opportunity could still make it worth considering a long-term investment.
The Duxton Water Ltd (ASX: D2O) share price climbed to an all-time high of $1.31 today. Investors appear to be betting on Duxton Water being a big winner out of the terrible droughts that much of rural Australia is experiencing. This is because it provides investors with direct access to water through Australian Water Entitlements, a key production input into a number of agricultural industries. I expect the company to benefit from high temporary water prices through the 2018/2019 water year, which could mean there is still decent upside for its shares.
The Nanosonics Ltd (ASX: NAN) share price has completed a remarkable turnaround and reached a 52-week high of $3.38 today. It was not that long ago that the infection control specialist's shares plunged towards their 52-week low and had short sellers fighting to get hold of them. To this day it is still unclear what the short thesis was, but I think it is fair to say that it didn't work out. But while I am a fan of the company and its technology, with its shares flying high, I'm going to hold off an investment until after its next results release.
