The market may have had its wobbles in recent weeks due to trade war and U.S. recession fears, but that hasn't stopped some shares from pushing higher.
In fact, some have pushed so hard they are now trading at 52-week highs or better. Three shares that have just achieved this are listed below. Here's why they are on a high right now:
The Lovisa Holdings Ltd (ASX: LOV) share price hit an all-time high of $13.16 on Tuesday. This latest gain means the jewellery retailer's shares have more than doubled in value since the start of the year. The catalyst for this was a strong full year result last month which saw Lovisa defy tough retail conditions and report a 15.3% increase in revenue to $250.3 million and a 7.1% lift in EBITDA to $62.3 million. In addition to this, investors appear bullish on the company's expansion opportunity in the massive U.S. market.
The Western Areas Ltd (ASX: WSA) share price has been on fire this week and charged to a 52-week high of $3.17 yesterday. Investors have been scrambling to get hold of the nickel producer's shares after Indonesia brought forward its raw ore export ban by two years. As Indonesia is the world's largest producer of nickel, this has sparked fears that supply may not keep up with demand and sent prices skyrocketing.
The WiseTech Global Ltd (ASX: WTC) share price continued its positive run and hit an all-time high of $37.99 on Tuesday. Investors have been buying the logistics solutions company's shares following the release of a very impressive full year result last month. Thanks to increasing demand for its platform and an incredibly low customer churn rate, WiseTech Global recorded a 57% increase in total revenue to $348.3 million and a 33% lift in net profit after tax to $54.1 million. The good news is that in FY 2020 management expects strong revenue growth and margin expansion to underpin another impressive profit result. It has provided guidance for revenue growth of 26% to 32% and EBITDA growth of 34% to 42%.
