Although the market ended the day lower on Monday, that didn’t stop a number of shares from racing higher.
Three shares that managed to climb to 52-week highs or better are listed below. Here’s why they are on a high right now:
The BWX Ltd (ASX: BWX) share price reached a 52-week high of $4.17 on Monday before ending the day lower. Investors have been buying the personal care products company’s shares since the release of its full year results in August. Although the company behind the Sukin brand reported a 50% decline in profits, its performance in the second half caught the eye of investors. As did management’s guidance for 25% revenue growth and 25% to 35% EBITDA growth for FY 2020. This appears to be a sign that the company is over the worst of its issues now, much to the dismay of the short sellers that were targeting it.
The Coles Group Ltd (ASX: COL) share price continued its positive run and reached a record high of $15.40 yesterday. The supermarket giant’s shares have been on fire this year thanks to the return of rational competition in the industry, a strong full year result, and the launch of its refreshed strategy at its investor day event in June. It was arguably the latter that has had the biggest impact on its share price performance. This strategy has got investors excited as it will see the company aim to deliver $1 billion in cumulative savings by FY 2023.
The Nufarm Limited (ASX: NUF) share price rocketed to a 52-week high of $6.60 on Tuesday as short sellers scrambled to buy back shares to close positions following the release of the agricultural chemicals company’s full year results and the announcement of the sale of its South American business. Nufarm posted $420 million in EBITDA, which was in line with its guidance. Also spooking short sellers was management speaking positively about FY 2020. It believes it is well-placed for growth, especially after the sale of its South American business. The funds from the ~$1.2 billion sale are going to be used to pay down debt and in areas with the potential for stronger returns.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX 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.