Since the start of the year the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has carved out a gain of approximately 9.5%.
Whilst this is certainly an impressive gain, a number of shares have performed even better over the period. Three shares that are flying high in 2019 are listed below. Is it too late to invest?
The Beach Energy Ltd (ASX: BPT) share price has charged 49% higher in 2019. The catalyst for this has been the release of an impressive half year result and a recovery in oil prices. In the first half of FY 2019 the energy producer tripled its underlying half year net profit after tax to $278.8 million. It also upgraded its production guidance for the full year from 25-27 MMboe to 28-29 MMboe. I think Beach's shares are about fair value now unless oil prices were to climb notably higher from here.
The InvoCare Limited (ASX: IVC) share price is up 40% since the start of the year. After being sold off last year, the funerals company's shares have bounced back strongly in 2019 thanks to positive commentary from management. At its last update management advised that trading conditions in the fourth quarter and in January are "pointing towards the market normalising." Whilst things certainly are looking better for InvoCare, I'm not a buyer of its shares at these levels as I don't believe they offer a compelling risk/reward.
The Nanosonics Ltd (ASX: NAN) share price has been one of the best performers on the ASX 200 in 2019 with a gain of 51%. Investors have been fighting to get hold of the infection control specialist's shares after the release of a strong first half result. Nanosonics recorded first half sales of $40.7 million, which was an increase of 36% on the prior corresponding period. This impressive result was driven by increasing demand for its trophon EPR product and strong sales of consumables. I would say Nanosonics shares are about fair value now, but could still be a great buy and hold option due to its positive long term growth outlook.
