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These ASX shares skipped the market selloff and raced to 52-week highs

As surprising as it may sound, not all shares have been impacted by this week’s market selloff.

In fact, some have even managed to climb to 52-week highs despite the rampant selling.

Three shares that achieved this on Wednesday are listed below, is it too late to invest?

The Coca-Cola Amatil Ltd (ASX: CCL) share price hit a 52-week high of $10.39 on Wednesday. This beverage giant’s shares will traditionally perform better than most during volatile markets due to its defensive qualities. While I think it is a great share to have in your portfolio for this reason, I feel that it might be a little late to invest. At 20x earnings I suspect that the risks are to the downside for Coca-Cola Amatil’s shares now. In light of this, I would suggest investors wait for an opportunity to pick up shares at a cheaper price.

The Inghams Group Ltd (ASX: ING) share price climbed to a 52-week high of $4.54 yesterday. That gain brought the poultry producer’s year to date price return to 34%. This is especially impressive given how Inghams is one of the most shorted shares on the Australian share market right now. Short sellers appear to be targeting the company due to concerns that the droughts could be having a negative impact on its business through higher input costs. While it is starting to look like they may have made the wrong call on this one, I’m not a buyer as I think its shares look about fair value now.

The Orion Health Group Ltd (ASX: OHE) share price raced to a 52-week high of $1.15 on Wednesday. Orion Health is an eHealth software company delivering interoperable, connected solutions for healthcare facilities and organisations. The company recently announced the sale of portions of its Rhapsody and Population Health Management businesses for an enterprise value of $255 million to private equity firm Hg. The money raised has been used to fund a share buyback programme which I suspect has supported its share price during the recent volatility. However, I think Orion could be worth a closer look despite the recent share price gains.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Coca-Cola Amatil Limited. 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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