Why Splitit and these ASX shares just surged to 52 week highs

On Thursday the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) pushed higher again, leading to the index printing a new six-month high.

Three shares have performed even better than the index and climbed to 52-week highs or better yesterday.

Here’s why these shares are flying high right now:

The Cleanaway Waste Management Ltd (ASX: CWY) share price climbed to a multi-year high of $2.33 on Thursday. The waste management company’s shares have been on fire since the release of its half year results last month. During the half Cleanaway posted a 46.4% increase in gross revenue to $1,149.7 million and a 52.6% lift in underlying net profit after tax to $67 million. The company’s key Solid Waste segment was a highlight, growing net revenue by 30.2% to $682.4 million and EBITDA by 26.2% to $175.7 million. With management confident of further growth in the second half and beyond, I think it could be worth a closer look even after its strong run.

The Splitit Ltd (ASX: SPT) share price continued its incredible run and hit a new all-time high of $1.36 yesterday. When the payment company’s shares reached this level, it meant they had gained a staggering 580% since hitting the ASX boards at 20 cents per share at the end of January. Investors have been fighting to get hold of its shares on the belief that it could be the next Afterpay Touch Group Ltd (ASX: APT). Splitit’s service allows consumers to pay for a product using their existing credit cards but divide the total purchase cost across as many interest-free monthly payments as they feel is necessary, up to a limit of 36 months.

The Tassal Group Limited (ASX: TGR) share price hit an all-time high of $5.11 on Thursday. The salmon and seafood producer’s shares have risen strongly this year thanks to the release of a half year result that came in ahead of expectations last month. During the half Tassal posted a 22% increase in interim net profit to $31.7 million. This was driven by a record harvest and increasing consumer demand which continues to outpace supply and support higher prices.

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

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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