The market may have had a subdued start to the week on Monday, but that didn’t stop a number of shares from charging higher.
Some even managed to reach new 52-week highs or better. Three which achieved this milestone are listed below, here’s why they are on a high right now:
The JB Hi-Fi Limited (ASX: JBH) share price reached a 52-week high of $27.97 on Monday. Investors have been fighting to get hold of the retailer’s shares since the surprise election result. It appears as though investors believe the election outcome will boost consumer confidence and spending due to the Morrison government’s plans to cut tax. In addition to this, last week analysts at Goldman Sachs upgraded JB Hi-Fi’s shares to a buy rating with a $30.00 price target. The broker believes things have become more favourable for the retailer following the election, APRA’s plan to remove the 7% serviceability buffer on home loans, and the Reserve Bank’s shift to a more dovish stance.
The Ramsay Health Care Limited (ASX: RHC) share price climbed to a 52-week high of $70.81 yesterday. Investors have been buying the private hospital operator’s shares since the election result. This is because Labor had been planning to put a 2% cap on premium increases by private health insurers if it won the election. There were concerns that this would lead to private health insurers pressuring hospital operators to lower prices to compensate for the lower premium increases. This could have weighed on Ramsay’s margins and potentially limited its profit growth over the medium term.
The Serko Ltd (ASX: SKO) share price continued its strong run and hit a new high of $3.50 on Monday. Investors appear to have been impressed with the leading online travel booking and expense management provider’s performance in FY 2019 and its guidance for the year ahead. Last week Serko released its full year results and revealed a 28% increase in total operating revenue to $23.4 million. Pleasingly, similarly strong growth is expected next year, with management providing total operating revenue growth guidance of between 20% and 40% for FY 2020.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care Limited and Serko Ltd. 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.