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.