On Monday the S&P/ASX 200 index charged higher and is now trading close to its highest level of 2019.
A number of shares have been performing even better and reached 52-week highs on Monday. Is it too late to buy these high-flying ASX shares?
The AVITA Medical Ltd (ASX: AVH) share price surged to a multi-year high of 30 cents on Monday. Investors have been buying the medical technology company's shares after AVITA received U.S. FDA approval of its RECELL Autologous Cell Harvesting Device for the treatment of acute thermal burns. The RECELL system was launched in the U.S. in January and is expected to be a key driver of growth for the company in the future given that the current standard of care is regarded as both suboptimal and expensive. Whilst it is a little too soon for me, I think AVITA is worth watching given the sizeable market opportunity that the RECELL system has.
The Fortescue Metals Group Limited (ASX: FMG) share price continued its incredible run and reached a new multi-year high of $7.50 yesterday. This latest gain meant that Fortescue's shares have gained almost 78% since the start of the year. This has been driven largely by rising iron ore prices due to supply concerns following the dam disaster at Vale's operation in Brazil. Its shares were given another boost on Monday when Rio Tinto Limited (ASX: RIO) revealed that its iron ore operations had been disrupted by Tropical Cyclone Veronica. Whilst I think that Fortescue's shares are fully valued now, if iron ore prices continue to rise then so could its share price.
The OZ Minerals Limited (ASX: OZL) share price climbed to a 52-week high of $11.04 on Monday. Investors have been fighting to get hold of the copper miner's shares after the price of the metal pushed higher. According to CNBC, the spot copper price has risen 10.6% since the start of the year. In addition to this, a solid full year result in February has supported its share price. In FY 2018 OZ Minerals achieved operating cash flows of $450 million, which was an increase of 31% on the prior corresponding period. Despite its strong run, I still see a lot of value in OZ Minerals shares at this level.
