A positive end to the week means the ASX 200 has now narrowed its 12-month decline to a reasonable 2.1%.
This return increases to a positive 1.9% if you count dividends, which isn't bad given how things were a couple of months ago.
Three shares that have smashed this return are listed below. Here's why they have been flying high:
The A2 Milk Company Ltd (ASX: A2M) share price has pushed higher today, stretching its 12-month return to a massive 39%. Investors have been fighting to get hold of its shares due to its impressive earnings growth that has been driven largely by insatiable demand for its infant formula products in China. Backing up this growth has been its domestic milk sales, which have been increasing at a solid rate. While I think its shares are about fair value now, I would still be a buyer of them with a long-term view. Especially after its stellar start to FY 2019. During the first four months of FY 2019 a2 Milk Company posted a 64.5% increase in net profit to NZ$86 million.
The Cleanaway Waste Management Ltd (ASX: CWY) share price has jumped 27% higher over the last 12 months. Its shares have been on the rise since the release of its FY 2018 results last year which revealed an impressive 42.5% increase in net profit after tax to $103.3 million. The majority of this growth was organic, with the Toxfree acquisition only contributing a small amount due to the timing of its completion. The good news is that management appears confident that FY 2019 will be another solid year, which I think makes Cleanaway an interesting option for growth investors.
The Evolution Mining Ltd (ASX: EVN) share price has rocketed 37% higher since this time last year. The gold miner has been a big winner over the last 12 months thanks to increased market volatility and a falling Australian dollar. This has led to growing demand for safe haven assets and sent the gold price hurtling higher in Australian dollar terms. However, with market volatility subsiding and rates rising in the United States, I wouldn't be a buyer of the gold miners any more.
