On Thursday the S&P/ASX 200 index continued its positive run and stormed higher again.
This strong form unsurprisingly has led to a number of popular ASX shares charging notably higher this week.
Three that have managed to push to new 52-week highs are listed below. Here's why they are on a high:
The Commonwealth Bank of Australia (ASX: CBA) share price hit a 52-week high of $80.00 on Thursday. Investors have been buying the shares of Australia's biggest bank following the surprise election result last month. This is probably down to the view that the result was a positive for the housing market. If the housing market rebounds in 2020, the big four banks are likely to experience increasing demand for mortgages from home buyers. Whilst I think CBA is the highest quality bank on offer on the ASX, I see more value in some of its peers.
The Harvey Norman Holdings Limited (ASX: HVN) share price rose to a 52-week high of $4.20 yesterday. As with CBA, the surprise election result has largely been behind Harvey Norman's strong share price gain this year. As well as benefiting from increasing white goods sales if the housing market rebounds, Harvey Norman could experience a lift in sales from the upcoming tax cuts. This is expected to lift both consumer sentiment and spending in the near term.
The NIB Holdings Limited (ASX: NHF) share price continued its strong run and hit a 52-week high of $6.93 on Thursday. Once again, the election result has been behind this private health insurer's strong share price performance. NIB and fellow private health insurers had been out of favour with investors after Labor announced that it would limit premium increases to 2% if it won the election. With this risk out of the way, investors appear more confident in NIB's medium term outlook and have been snapping up its shares.
