The Australian share market returned to form on Wednesday following two consecutive days of heavy declines.
This led to a number of shares pushing higher with the market, but some more than most.
The three high-flying shares listed below hit 52-week highs or better. Here’s why:
The Aventus Group (ASX: AVN) share price climbed to an all-time high of $2.57. Investors have been buying the units of the owner and operator of large format retail centres due to its solid performance in FY 2019 and the increasing demand for income options following the decline in interest rates and bond yields. The good news is that even after its solid gain this year, Aventus’ units still offer a trailing 6.5% distribution yield.
The Newcrest Mining Limited (ASX: NCM) share price continued its positive run and hit a multi-year high of $37.55 yesterday. This latest gain means the gold mining giant’s shares have risen a staggering 72% since the start of the year. The catalyst for this has of course been the perfect combination of market volatility due to trade war concerns and falling bond yields across the globe. On Wednesday the gold price broke through the US$1,500 an ounce mark for the first time in over six years, but may not stop there. A number of experts have tipped the precious metal to climb towards US$2,000 an ounce over the next 12 months.
The Opthea Ltd (ASX: OPT) share price more than doubled in value on Wednesday and raced to a multi-year high of $2.25. Investors were fighting to get hold of the shares of the developer of novel biologic therapies for the treatment of eye diseases after it released a very positive update in relation to the Phase 2b study for its OPT-302 combination therapy. According to the release, OPT-302 (2.0 mg) combination therapy showed statistical superiority for the most accepted and sensitive primary efficacy outcome. This could be a very big deal as the standard of care treatments for wet AMD and DME had sales of over US$3.7 billion and US$6.2 billion in 2018, respectively.