With the Australian share market trading within sight of a multi-year high, it will come as no surprise to learn that a number of shares have recently reached highs of their own.
Three shares that have just hit multi-year highs or better are listed below. Here's why they are on fire right now:
The Avita Medical Ltd (ASX: AVH) share price hit a multi-year high of 63 cents on Friday. Investors have been buying this regenerative medicine company's shares due to the enormous potential of its RECELL System. This System 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. In addition to this, last week the company announced a trial to test its effectiveness for the treatment of acute full-thickness skin defect. If this trial is successful it would increase its addressable market significantly.
The Collins Foods Ltd (ASX: CKF) share price continued its positive run and climbed to an all-time high of $10.03 at the end of last week. This latest gain means the quick service restaurant operator's shares have now risen by a sizeable 66% since the start of the year. The catalyst for this was its strong performance in FY 2019 and its positive long-term outlook thanks to its expansion opportunities in Europe for the KFC brand and in Australia with Taco Bell.
The Premier Investments Limited (ASX: PMV) share price raced to an all-time high of $19.75 on Friday following the release of its full year results. The retail conglomerate delivered a 7.5% increase in total global sales to a record of $1.27 billion and a 27.7% lift in reported net profit after tax to $106.8 million. In addition to this, the company revealed that its new Smiggle strategy had started well and that it sees a significant growth opportunity for the key brand.
