On Friday the S&P/ASX 200 index followed the lead of global markets and pushed higher again.
This led to a good number of shares pushing higher, with some even managing to climb to 52-week highs or better.
Three shares that achieved this milestone are listed below. Here's why they are on a high:
The Beach Energy Ltd (ASX: BPT) share price hit an all-time high of $2.59 on Friday. This energy producer's shares have been on fire this year thanks to an impressive full year report which revealed a 190% increase in net profit after tax to $577 million on the back of a 55% lift in production. The good news for Beach and its shareholders is that drone attacks on two major oil refineries in Saudi Arabia look set to cause oil prices to jump this week, which could drive its shares even higher.
The Credit Corp Group Limited (ASX: CCP) share price continued its positive run and hit a record high of $30.33 at the end of last week. This means the Credit Corp share price is now up 62% since the start of the year. The catalyst for this solid rise has been the debt collector's strong full year result and the announcement of an earnings accretive acquisition. The latter led to the company lifting its net profit after tax growth guidance for FY 2020 to be in the range of 15% to 18% from 7% to 10%.
The Westpac Banking Corp (ASX: WBC) share price climbed to a 52-week high of $29.79 on Friday. With no news out of the bank, this positive form appears to have been driven by improving investor sentiment in the banking sector thanks to positive signals emerging from the housing market. According to data from the Australian Bureau of Statistics, the value of new loans issued to households increased by a sizeable 3.9% to $32 billion in July. This was the biggest increase in almost five years and appears to show that the housing market downturn has come to an end.
