Why QBE and these ASX shares just hit 52-week highs or better

On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) continued its solid run and climbed to a five-month high of 6,217.4 points.

With the market in fine form it will come as no surprise to learn that a number of shares stormed to 52-week highs or better yesterday.

Three shares that achieved this are listed below. Here’s why they are on a high right now:

The Infomedia Limited (ASX: IFM) share price climbed to a multi-year high of $1.75 on Monday. Investors have been fighting to get hold of the shares of the leader in parts and services software to the global automotive industry after the release of a strong half year result last month. In the first half of FY 2019 Infomedia delivered a 14% increase in revenue to $40.4 million and a 28% lift in net profit after tax to $7.3 million. Management advised that the strong result reflected the benefit of investments in prior periods, leveraging the company’s assets to deliver sustained growth.

The Pro Medicus Limited (ASX: PME) share price stormed to an all-time high of $15.20 yesterday. That gain meant the healthcare technology company’s shares had rallied an incredible 81% over the last 12 months. The catalyst for its recent gains was last month’s half year result which impressed the market. During the six months to December 31, the company posted a 59.4% increase in revenue to $25.3 million and a 79.9% jump in underlying net profit after tax to $9.2 million. This was driven by strong growth in all its key markets. Revenue increased by 40% in North America, by 30% in Australia, and by 204% in Europe.

The QBE Insurance Group Ltd (ASX: QBE) share price hit a 52-week high of $12.79 on Monday. The insurance giant caught the eye of investors last month when it delivered a better than expected full year result. QBE posted a full year cash profit after tax of $715 million, compared to a loss of $262 million the previous year. One broker that was impressed was Morgan Stanley. A broker note out of the investment bank on Monday revealed that its analysts have an overweight rating and $13.00 price target on QBE’s shares. According to the note, the broker believes that the insurer’s business momentum is the strongest it has been in many years.

Missed these gains? Then don't miss out on these top shares that have been tipped as potential market beaters.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. 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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