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The Mount Gibson Iron Limited (ASX:MGX) share price is among these 3 ASX shares at 52-week highs

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There are slim pickings on the 52-week high list right now with overall market volatility meaning few sectors have companies printing 12-month share price highs.

But these 3 shares are sitting at their best for the year.

Here’s some insight into why.

Mount Gibson Iron Limited (ASX: MGX)

The Mount Gibson Iron Limited share price hit a 52-week high on Melbourne Cup day yesterday, closing at 60c per share, only to slide down marginally in early morning trade today.

The iron ore miner’s share price has been on the incline since last month following an investor update outlining the progress of its Koolan Island and Mid-West Region projects in particular.

Total iron ore sales for Mount Gibson rose 19% in the September quarter – in line with guidance – while cash costs came in below guidance.

There’s been good news across the board for the iron ore sector of late, with a technical bull market being declared late last month as the benchmark price soared.

But while small cap Mount Gibson’s share price has risen in light of the news, the companies at the bigger end of town in iron ore haven’t necessarily felt any of the same good vibes.

BHP Billiton Limited’s (ASX: BHP) share price has dropped 1% to $33.19 at the time of writing after several months of ups and downs, with Rio Tinto Limited’s (ASX: RIO) share price also in the red by 0.5% to $80.77 today, despite a short-lived rally recently.

Scottish Pacific Group Ltd (ASX: SCO)

Financial services provider Scottish Pacific Group shares are sitting up at $4.35 at the time of writing, a good one and a half times its $2.84 price point at this time last year and a 52-week high for the stock.

Things have been looking healthy for Scottish Pacific since it announced it had entered a scheme implementation agreement with Affinity Equity Partners in late September.

Under the arrangement, Affinity will acquire 100% of its share capital.

Affinity is an Asian private equity firm and the takeover is valued at $630 million.

Scottish Pacific handed down strong FY18 results with NPAT up 17.4% to $29.4 million and revenue rising 8% to $108.6 million.

Propertylink Group (ASX: PLG)

With a $708 million market cap, internally-managed real estate group Propertylink Group is asserting itself as somewhat of a quiet achiever.

Which is likely why it’s become a takeover target, with private equity investment house ESR moving to gobble it up by way of an off-market takeover offer.

Propertylink has more than $1.8 billion in assets under management with office properties, logistics, and business park assets in its portfolio.

But major shareholder Centuria Capital Ltd (ASX: CNI) has requisitioned an extraordinary general meeting for November 15 with the intent to oust the current Propertylink board.

Despite the drama, the Propertylink share price is up 0.4% to $1.18 at the time of writing off the back of a solid year of inclines while investors wait to see what the outcome of the meeting is.

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Returns as of 6th October 2020

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.

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