Although the market only managed to carve out the smallest of gains on Monday, some shares climbed notably more.
In fact, the three shares listed below have just reached 52-week highs or better. Here’s why:
The Accent Group Ltd (ASX: AX1) share price climbed to a two-year high of $1.76 on Monday. The footwear-focused retailer’s shares have been on fire this year thanks to its strong performance in a tough retail market. In FY 2019 Accent posted a 22.2% jump in statutory net profit after tax to a record of $53.9 million. Management also revealed that it has had a positive start to FY 2020, which could mean another year of solid growth. Investors may feel this makes its shares cheap at under 16x estimated forward earnings.
The BWP Trust (ASX: BWP) share price continued its positive run and hit a new all-time high of $3.95 yesterday. Increasing demand for bond proxies from income investors in this low interest rate environment has been a key driver of its strong share price run. In addition to this, a solid full year result release from the Bunnings landlord in August also supported its shares. BWP reported a 2% lift in profit before gains on investment properties to $115.9 million, allowing the property trust to declare a special dividend.
The Collins Foods Ltd (ASX: CKF) share price raced to a record high of $9.25 on Monday. Investors have been buying the KFC-focused quick service restaurant operator’s shares this year thanks to its strong performance and positive long-term outlook. In FY 2019 the company reported a 16.9% increase in revenue and a 15.7% increase in underlying net profit after tax. Looking ahead, the market appears confident of similarly solid growth thanks to the expansion opportunity its KFC network has in the under-penetrated European market. Also supporting its shares in recent days has been news that it will be added to the S&P/ASX 200 index at the next quarterly rebalance later this month.