With the market hitting a decade-high last week, it will come as no surprise to learn that a number of shares reached 52-week highs or better.
Three ASX shares that achieved this milestone are listed below, here’s why they are flying high right now:
The Bailador Technology Investments Ltd (ASX: BTI) share price reached a new high of $1.00 on Friday. This latest gain means the technology-focused growth capital fund’s shares have now gained over 31% since the start of the year. Last week the company provided its latest net tangible asset update which revealed that its post-tax NTA per share was now $1.12. This means that Bailador Technology Investments’ shares are trading at a sizeable discount to their NTA and at a level that some investors appear to believe is very attractive.
The iSignthis Ltd (ASX: ISX) share price rocketed 25% higher on Friday to hit an all-time high of 56 cents, meaning its shares have now risen an incredible 273% in 2019. This has been driven by the strong progress it has made in recent months and its successful evolution into a wholesale neobank, differentiated by its unique digital identity and banking services for regulated businesses and financial institutions in Australia and Europe. Investors appear optimistic that the company could be Australia’s answer to U.S. giant PayPal.
The Transurban Group (ASX: TCL) share price climbed to an all-time high of $14.08 at the end of last week despite there being no news out of the toll road giant. Investors appear to have been buying up the company’s shares due to the bleak outlook for interest rates in Australia. With the cash rate expected to be cut twice this year to a new record low of 1%, the yields on bonds and term deposits are barely beating inflation. This is likely to have led to increased demand for bond proxies like Transurban. In addition to Transurban, fellow bond proxy ASX Ltd (ASX: ASX) also hit an all-time high on Friday.
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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 and has recommended Transurban Group. The Motley Fool Australia owns shares of ASX 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.