Why Newcrest and these ASX shares are flying high right now

The Opthea Ltd (ASX:OPT) share price is one of three that hit a 52-week high on Wednesday. Here's why they are flying high right now…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended AVENTUS RE UNIT. 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.

More on 52-Week Highs

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
52-Week Highs

13 ASX 200 shares at 52-week highs

These shares are making their shareholders smile on Thursday.

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
52-Week Highs

These 5 ASX 200 shares just hit new 52-week highs

Do you own any of these five lucky stocks?

Read more »

ETF on white blocks with a rising arrow on top of coin piles.
52-Week Highs

12 ASX ETFs breaking the mould to hit 52-week highs today

What a day for ASX ETF investors!

Read more »

A happy boy with his dad dabs like a hero while his father checks his phone.
52-Week Highs

Why is the A2 Milk share price up 46% year to date and at a 52-week high?

This infant formula company's shares have delivered the goods this year.

Read more »

Man sitting in a plane looking through a window and working on a laptop.
Travel Shares

Why is the Webjet share price racing to a 52-week high today?

Webjet has been busy talking up its WebBeds business this morning.

Read more »

Man pointing at a blue rising share price graph.
Financial Shares

Big ASX news: Macquarie share price hits new 52-week high

It's been a great day to own Macquarie shares...

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
52-Week Highs

Metcash share price hits 52-week high on broker upgrade: Time to buy?

Brokers have responded positively to its trading update.

Read more »

a woman sits amid a stylish home setting on a sofa with plush cushions with a coffee table and plant in the foreground while she peruses a tablet device.
52-Week Highs

52-week high! ASX All Ords stock surges 5% as chair steps down

Investors are shopping for Adairs shares after an announced leadership change.

Read more »