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Why these ASX shares just stormed to 52-week highs

The All Ordinaries index was a strong performer on Tuesday, rising by a solid 0.8% to 6,853 points. This strong gain means the index is now trading close to its all-time high.

Unsurprisingly, this positive form means a number of shares are trading at 52-week highs or better. Here are three shares that have just reached this milestone:

The Codan Limited (ASX: CDA) share price was on form again on Tuesday and rose to a record high of $5.72. Investors have been buying the electronic products manufacturer’s shares this year thanks to its impressive performance in FY 2019 and a sustained rise in the gold price. In FY 2019 Codan posted a 17.8% increase in sales to $271 million and a 15% lift in adjusted net profit of $46 million. A key driver of this growth was strong metal detector sales due to the rise in the gold price.

The Domain Holdings Australia Ltd (ASX: DHG) share price stormed to a 52-week high of $3.60 yesterday. Investors were scrambling to buy the property listings company’s shares after the release of strong housing market data. According to property data provider CoreLogic, over the quarter ended September 30 Sydney and Melbourne house prices increased 3.5% and 3.4%, respectively. This appears to support the view that the housing market downturn has ended, which is likely to lead to an acceleration in listings volumes for Domain.

The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price continued its positive run and hit a record-high of $3.03 on Tuesday. The biopharmaceutical company’s shares have been on fire this week after it revealed a ground-breaking discovery for its drug designed to treat osteoarthritis in the knees. According to the release, the company’s patented Zilosul drug has been shown to inhibit nerve growth factor in bone cells in knee osteoarthritis patients. Whilst there is still a long road ahead, things are looking very positive for the Zilosul drug and Paradigm right now.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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