The Australian share market may have had a bit of an off day today, but that hasn’t stopped a number of shares from charging higher.
Some have even managed to reach 52-week highs or better. Here’s why the shares listed below achieved this milestone:
The A2 Milk Company Ltd (ASX: A2M) share price reached a new all-time high of $16.47 on Monday. Investors have been fighting to get hold of the infant formula and fresh milk company’s shares this year thanks to its stellar half year result and positive outlook for the full year. In addition to this, the company’s shares were given a big boost this month after being upgraded by a number of brokers. One of the most bullish brokers was Goldman Sachs which added the company to its conviction buy list with a price target of $17.40.
The Codan Limited (ASX: CDA) share price has continued its strong run and reached a multi-year high of $3.92 today. The electronic products manufacturer’s shares have been on fire this year thanks to its stronger than expected performance and the recent spike in the gold price. Investors appear to believe that the positive outlook for the gold price will lead to increasing demand for its gold detectors and underpin another strong result in FY 2020. This year management expects the company to deliver a full year underlying net profit after tax in the range of $42 million to $45 million, which is notably higher than its previous expectations.
The JB Hi-Fi Limited (ASX: JBH) share price hit a 52-week high of $29.74 on Monday. This latest gain means that the retailer’s shares have now gained an impressive 38% since the start of the year. Investors appear to have been snapping up the company’s shares due to the prospect of tax cuts and an improving housing market giving the retailer’s sales a major boost in the near term. Rival Harvey Norman Holdings Limited (ASX: HVN) also saw its shares rise to a 52-week high today.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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.