A strong end to last week means the benchmark S&P/ASX 200 index has its 52-week high in its crosshairs and could make a push for it on Tuesday.
Three shares that have already achieved this feat are listed below. Here's why they hit 52-week highs on Friday:
The Commonwealth Bank of Australia (ASX: CBA) share price rose to a 52-week high of $80.00 on Friday. The shares of Australia's biggest bank have been in demand with investors since the election in May. One reason for this is that the election result is expected to boost the housing market, which could lead to solid mortgage loan growth. In addition to this, Labor had planned to remove franking credits, which led to significant funds rotating from the banks to unfranked options. So when the Coalition party won, these funds appear to have come back in a hurry and drove the bank's shares higher.
The Harvey Norman Holdings Limited (ASX: HVN) share price touched on a 52-week high of $4.20 at the end of last week. Investors have been buying the retailer's shares for a number of reasons. One was the impressive performance of its international operations during the first half. The other is the election result and the potential positive impact that it is expected to have on both consumer spending and the housing market. Both could be a big boost to the company's sales
The Magellan Financial Group Ltd (ASX: MFG) share price hit a 52-week high of $45.92 on Friday. When the fund manager's shares hit this level, it meant they had gained an incredible 96% since the start of the year. The catalyst for this strong year-to-date gain has been a solid half year result driven by the outperformance of its funds and a large increase in funds under management. The latter has continued since then, with further net inflows reported during the month of May.
