On Thursday the All Ordinaries index returned to form and stormed 0.5% higher to 6,825.2 points.
Given the positive performance of the share market this month, it will come as no surprise to learn that a number of shares have just climbed to 52-week highs or better.
Three which achieved this feat are listed below. Here’s why they are on form right now:
The AVITA Medical Ltd (ASX: AVH) share price continued its positive run and hit a multi-year high of 61.5 cents on Thursday. Investors have been fighting to get hold of the regenerative medicine company’s shares this year thanks to the success of its RECELL System. It is used to prepare Spray-On Skin Cells using a small amount of a patient’s own skin, which provides a new way to treat severe burns. This week the company announced a trial to test its effectiveness for the treatment of acute full-thickness skin defect. If successful this would increase its addressable market materially.
The Lovisa Holdings Ltd (ASX: LOV) share price rose again and reached an all-time high of $13.39 yesterday. The jewellery retailer’s shares have been charging higher since the release of its full year results last month. Lovisa overcame tough retail conditions to deliver a 15.3% increase in revenue to $250.3 million and a 7.1% lift in EBITDA to $62.3 million. Investors also appear confident with the company’s international expansion plans, particularly in the massive U.S. market.
The REA Group Limited (ASX: REA) share price reached an all-time high of $109.64 on Thursday. The property listings company’s shares have been charging higher again this month after the release of positive housing market data. Earlier this month the Australian Bureau of Statistics advised that the value of new loans issued to households increased the most in five years by 3.9% to $32 billion in July. This could be a sign that the housing market rebound has started, which could mean that REA Group soon experiences an acceleration in listings volumes growth.
5 stocks under $5
We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group Limited. 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.
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