The 52-week share price high list looks pretty paltry at present – with very few S&P/ASX 200 shares making the cut.
But these three players are flying high.
Here’s some insight into why.
Mount Gibson Iron Limited (ASX: MGX)
Shares in $592 million market cap iron ore explorer and developer Mount Gibson Iron Ore Limited are up 3.8% to 54c per share at the time of writing, a 52-week high for the stock.
Mount Gibson’s share price surge could be related to news late last week that iron ore had entered a technical bull market, with the benchmark price reaching its highest level since March.
Mount Gibson released its quarterly activities report last week, reporting a strong start to the financial year with a substantial increase in sales volumes from its Iron Hill project and continued good progress at its high-grade Koolan Island Restart Project in the Kimberly.
Total iron ore sales for Mount Gibson rose 19% in the September quarter – in line with guidance – while cash costs came in below guidance.
Bellevue Gold Ltd (ASX: BGL)
Gold miners like Northern Star Resources Ltd (ASX: NST) printed 52-week highs last week, and this week smaller cap industry players like $160 million market cap gold extractor Bellevue Gold Ltd is taking its turn.
Bellevue shares have slipped down 2% to 39c per share so far today but hit a 52-week high to kick off the week’s trading on Monday when its share price surged up to 44c per share.
Bellevue then entered a trading halt pending an announcement; later releasing a retraction statement in relation to an article published in The Weekend West which alluded to a potential production target upgrade the company asked the public to disregard.
Investors were potentially excited after Bellevue reported a new high-grade gold discovery out of its Bellevue Gold Mine, which preceded The Weekend West article.
All eyes are on this small cap as more details come to light.
Spotless Group Holdings Ltd (ASX: SPO)
The share price in outsourced laundry and linen services provider Spotless Group Holdings Ltd is up 0.33% to $1.50 at the time of writing, a 52-week share price high.
Spotless shares have had a cracker 2 months, with its share price rising from August lows of $1.09 off the back of some solid financial results.
Spotless shared the 52-week high list with several gold mining stocks last week with the popularity of the stock right now possibly connected to the health of its majority owner, Downer EDI Limited (ASX: DOW) – a $4 billion market cap utility service provider – Downer shares are up 1.3% to $6.93 at the time of writing.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
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.
- 3 speculative small cap shares brokers like – and you might too – November 12, 2018 1:36pm
- The Steadfast Group Ltd (ASX:SDF) share price has taken a dive today – November 12, 2018 1:22pm
- The Elders Ltd (ASX:ELD) share price is up 10% on FY18 results – November 12, 2018 12:47pm