The S&P/ASX200 Index (ASX: XJO) climbed 0.9% higher yesterday in a strong start to the week following the Easter break, largely driven by share price gains for the energy sector giants.
Here’s why these share prices hit 52-week highs in yesterday’s trade:
ASX Limited (ASX: ASX)
The ASX share price closed at a new 52-week high of $72.82 per share despite no new announcements during yesterday’s trade as positive momentum has increased its valuation.
While the ASX seems to be climbing higher on strong global markets sentiment and the potential for more IPOs (and therefore listing fees).
Invocare Limited (ASX: IVC)
The Invocare share price climbed 2.2% higher in yesterday’s trade to close at a new 52-week high of $15.44 per share.
The stock is up nearly 50% so far this year to outpace many of its fellow sector peers, and with a market cap of $1.8 billion and P/E ratio of 41.4x it is showing no signs of slowing down.
The company has bounced back from a relatively weak first-half earnings result in which it reported a 7.3% decline in operating profit after tax, and a 5.5% cut to its interim dividend as business continues to wane.
However, I think one would have to be a fool to bet against the company in the long-term with Australia’s aging population remaining a significant tailwind for the company’s business model.
Harvey Norman Limited (ASX: HVN)
The Harvey Norman share price climbed 0.7% higher to $4.14 per share yesterday despite no company-specific news being released during yesterday’s trade.
Fellow big name electronics retailer Kogan.com Ltd (ASX: KGN) announced that it was increasing its existing debt facilities yesterday morning which investors may have taken as a sign of confidence in trading conditions for the sector and bought up Harvey Norman stock as well.
I think Aussie retail isn’t looking particularly strong at the moment, and would be looking towards the tech sector for growth.
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Motley Fool contributor Lachlan Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of ASX Limited. The Motley Fool Australia has recommended InvoCare Limited. 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.