It certainly has been a positive start to 2019 for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). Since the start of the year the benchmark index has put on a gain of almost 10%.
Whilst this is undoubtedly a strong gain, some shares on the index have outperformed it by a significant margin.
The three shares listed below have been amongst the best performers on the market this year. Is it too late to invest?
The A2 Milk Company Ltd (ASX: A2M) share price has been a big mover in 2019, putting on a gain of 34% for its shareholders. The catalyst for this gain was the infant formula and dairy company's strong first half result. In the first half of FY 2019 a2 Milk posted a 41% increase in revenue to NZ$613.1 million and a 55.1% jump in net profit after tax to NZ$152.7 million thanks once again to impressive infant formula sales. Whilst its shares look fully valued now, I would still recommend them if you're prepared to hold on for the long-term.
The Fortescue Metals Group Limited (ASX: FMG) share price has risen an impressive 43% in 2019. The key driver of this gain has been a significant rise in the iron ore price this year following the Vale dam disaster in Brazil. This led to concerns that supply might not be able to keep up with demand, sending prices hurtling higher. In addition to this, a solid half year result and the announcement of a special dividend have also supported its share price. However, I'm not convinced iron ore prices will remain elevated for much longer, which could put pressure on its shares.
The InvoCare Limited (ASX: IVC) share price has rocketed 43% since the start of the year. The funerals company's shares have rebounded strongly in 2019 after management advised that trading conditions in the industry are improving. After a tough 12 months the company revealed that improved trading conditions in the fourth quarter and in January are "pointing towards the market normalising." Whilst this is positive, I feel its shares have now pushed into overvalued territory and would suggest investors stay clear of them.
