Why Woolworths and these ASX shares just raced to 52-week highs

The Woolworths Group Ltd (ASX:WOW) share price is one of three that reached a 52-week high or better on Friday. Here’s why…

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ASX shares soaring higher

With the S&P/ASX 200 index on the verge of reaching an all-time, it will come as no surprise to learn that a number of shares are trading at 52-week highs or better.

Three shares which reached this milestone at the end of last week are listed below. Here’s why they have been flying high:

The GBST Holdings Limited (ASX: GBT) share price raced to a 52-week high of $3.79 on Friday. The catalyst for this was news that the bidding war for the fintech company has heated up after UK-based FNZ Group tabled a $4.00 per share binding offer. This was notably more than the $3.60 per share offer by Nasdaq-listed SS&C Technologies which the board continues to prefer. It was also significantly higher than the first offer of $2.50 per share which was made by Bravura Solutions Ltd (ASX: BVS) in April.

The ResMed Inc. (ASX: RMD) share price hit an all-time high of $19.14 on Friday after the market responded very positively to its fourth quarter and full year update. In the fourth quarter the sleep treatment company reported a 13% increase in revenue to US$705 million, leading to it posting an 11% increase in full year revenue to US$2.6 billion. In constant currency, ResMed saw its revenue rise 15% for the quarter and 13% for the year. Another positive was that management spoke favourably about its outlook and appears confident in its growth prospects.

The Woolworths Group Ltd (ASX: WOW) share price rose to a 52-week high of $35.50 on Friday before edging lower. The conglomerate’s shares have been in fine form this year thanks to a solid performance from its key businesses. In addition to this, investors responded positively to news that Woolworths plans to combine and then demerge its Endeavour Drinks and ALH Group businesses. Management believes the separation will allow the company to benefit from a simplified organisational structure, a greater focus on its core food and everyday needs markets, and opportunities to continue to build out its retail ecosystem.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended GBST Holdings Limited and ResMed Inc. 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.

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