The Australian share market may have been a touch volatile over the last couple of weeks, but that hasn't stopped a number of shares from charging higher. Some have even managed to climb to 52-week highs or better.
Three which achieved this feat on Tuesday are listed below. Here's why they are on a high right now:
The Newcrest Mining Limited (ASX: NCM) share price reached a multi-year high of $28.76 on Tuesday, stretching its year to date gain to an impressive 30%. The catalyst for this is of course an increase in the gold price. The precious metal has been in fine form this year due to increased demand for safe haven assets because of global trade war concerns. The gold price has also been given a lift in recent days from speculation that the U.S. Federal Reserve could be next in line to cut interest rates.
The Telstra Corporation Ltd (ASX: TLS) share price continued its stellar run and hit a new 52-week high of $3.66 yesterday. When the telco giant's shares reached this level, it meant they had gained a whopping 28.5% this year. Investors have been fighting to get hold of Telstra's shares thanks to the early success of its T22 strategy, the return of rational competition in the industry, and the ACCC's rejection of the TPG-Vodafone Australia merger. Although the merger may still go ahead, the delay has allowed Telstra to cement its position as the leader in the lucrative 5G market.
The Transurban Group (ASX: TCL) share price surged to an all-time high of $14.30 on Tuesday following the Reserve Bank's decision to cut the cash rate. As the toll road operator is seen as a bond proxy, when bond yields narrow, investors will often turn to it for a source of income. At present the company's shares offer a trailing 4.1% distribution yield. They will trade ex-distribution on June 27 for its final 30 cents per share distribution, which means it's not too late to be eligible for it.
