With the market racing to a decade-high, it will come as no surprise to learn that a number of shares climbed to 52-week high on Wednesday.
Three that achieved this feat are listed below. Here's why they are on a high right now:
The Collins Foods Ltd (ASX: CKF) share price raced to an all-time high of $7.72 on Wednesday. The quick service restaurant operator's shares have been on a tear over the last 12 months thanks to optimism over its European expansion and news that it will be rolling out the Taco Bell brand across several Australian states. Its shares were also given a boost last month when Morgans upgraded them to an add rating with a $7.78 price target. Whilst I'm a big fan of the company, with its shares now trading in line with this price target, I think they are fully valued now.
The Santos Ltd (ASX: STO) share price climbed to a multi-year high of $7.49 on Wednesday. Surging oil prices and increasing production have largely been the drivers of its strong share price rally in 2019. Earlier this month Santos reported record production of 18.4 million barrels of oil equivalent in the March quarter. Thanks to higher oil prices, this led to total sales revenue climbing a sizeable 28% to $1,015 million and record free cash flow of $327 million. If you think oil prices can still climb higher then Santos could be worth considering.
The Transurban Group (ASX: TCL) share price rose to an all-time high of $13.66 on Wednesday. Investors have been fighting to get hold of the toll road operator's shares for a couple of reasons this year. One was the ACCC's decision not to oppose its acquisition of the majority interest in the WestConnex project. This project is being seen by many as a major growth driver for the company in the future. In addition to this, with the RBA tipped to cut the cash rate twice this year, Transurban has benefitted from increasing demand for so-called bond proxies. I like Transurban and would still be a buyer of its shares at this level if rates go lower.
