The S&P/ASX 200 is down more than 10% from its 12 months high of 6374 to hit 5710 at the time of writing, but these three stocks have printed 52-week highs this week.
Here’s the low down on them.
Northern Star Resources Ltd (ASX: NST)
Shares in gold production and exploration company Northern Star Resources Ltd have slipped down from a 52-week high in early morning trade off the back its September 2018 quarterly activities report.
Northern Star shares have been on a steady incline in the last 12 months, and things have looked mostly rosy for gold sector sisters Evolution Mining Ltd (ASX: EVN), Resolute Mining Limited (ASX: RSG) and Saracen Mineral Holdings Limited (ASX: SAR) of late too – thanks to spikes in gold pricing.
Spot gold prices aside, brokers have been tipping Northern Star as a buy recently, despite its highs – with its purchase of the Pogo gold mine in Alaska well-received by the market.
Northern Star raised $175 million via a fully underwritten placement to institutional investors in a heavily-oversubscribed placement.
Results from its September quarter show Northern Star is on track to meet its growth targets across the board, with cash and equivalents at $277 million at September 30 after parting with $350 million for Pogo.
With Pogo officially coming under Northern Star’s control on September 28, investors have high expectations for the uptake in the short-term.
OceanaGold Corp (ASX: OGC)
Another gold player hitting the realm of 52-week highs is $2.68 billion market cap producer OceanaGold Corp.
The OceanaGold share price has fallen in line with an overall index slump this morning – down 3.6% to $4.18 at the time of writing, but its gains have been solid since early June and it booked a 52-week high yesterday – closing off trade at $4.34.
Macquarie this week pegged OceanaGold as a buy, slapping a $5.50 price target on the miner, indicating the stock still has plenty of upside in it yet.
OceanaGold announced significant intercepts at its New Zealand Macraes project on October 22 with recent drills “exceeding expectations” with the company eyeing mine life extension on the project.
Saracen also hit a 52-week high this week before dropping back slightly today to land at $2.51 at the time of writing.
Saracen shares are up 69% in the last 12 months.
Spotless Group Holdings Ltd (ASX: SPO)
Laundry and linen services provider Spotless Group Holdings Ltd has been on a steady incline of late, touching a 52-week high of $1.50 this week before dropping back slightly today to $1.49.
Investors with their eye on Spotless usually also keep the transport, technology, and utilities service provider Downer EDI Limited (ASX: DOW) on watch – Downer owns a majority stake in Spotless.
There has been little news out of Spotless of late, but Downer announced in September it was awarded a five-year contract extension by Millmerran Power Partners for services at its Commodore open cut project in South East Queensland.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.