With the market trading within sight of a multi-year high, it will come as no surprise to learn that a number of shares have raced to 52-week highs this week.
Three that achieved this milestone are listed below, here’s why they are on a high right now:
The Fortescue Metals Group Limited (ASX: FMG) share price raced to a decade-high of $9.34 this week. Fortescue’s shares have been on fire this year thanks to a material rise in iron ore prices following supply issues in both Brazil and Australia. Both low grade and benchmark fines have hit multi-year highs recently and have put the miner in a position to deliver a strong full year result in FY 2019. When its shares hit this new high, it meant they had gained a staggering 125% year to date.
The Integrated Research Limited (ASX: IRI) share price climbed to a 52-week high of $3.50 on Monday. Investors have been buying the shares of the leading global provider of proactive performance management software for critical IT infrastructure, payments and communications ecosystems after it returned to form in FY 2019 following a torrid 12 months. In the first half the company reported a record first half result with profit after tax increasing by 26% to $11.7 million. Pleasingly, in the third quarter it also reported “a strong uplift compared to prior corresponding period.”
The Ramsay Health Care Limited (ASX: RHC) share price continued its post-election rally and reached a 52-week high of $73.65 on Monday. Investors had been concerned that a Labor victory would have been bad news for the private hospital operator. This is because Labor had planned to put a cap on health insurance premium increases. This was expected to lead to private health insurers pressuring hospital operators to lower prices to compensate for the lower premium increases. But with this risk now averted, investors appear confident in Ramsay’s outlook.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care 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.