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Afterpay and these ASX shares just hit 52-week highs

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With the Australian share market storming higher again this week, a number of shares have been on form.

Three shares which have been performing particularly well are listed below. Here’s why they have just reached 52-week highs or better:

The Afterpay Touch Group Ltd (ASX: APT) share price raced to a record high of $37.41 yesterday. Investors have been fighting to get hold of the payments company’s shares in recent weeks thanks to a series of positive developments. One was an update on its dealings with AUSTRAC. Management advised that it had not identified any money laundering or terrorism financing activity via its systems to date. In addition to this, favourable broker notes out of Goldman Sachs and Morgan Stanley have also given its shares a boost. These brokers have buy ratings and $42.90 and $44.00 price targets, respectively, on its shares. This could mean there’s still further to go for the Afterpay share price.

The Megaport Ltd (ASX: MP1) share price continued its ascent and hit an all-time high of $10.10 on Tuesday. Investors have been buying the elasticity connectivity and network services company’s shares this year due to its impressive performance in FY 2019 and its positive long-term outlook. In FY 2019 Megaport delivered a 78% increase in revenue to $35.1 million and an 82% lift in monthly recurring revenue. This was driven by a significant rise in customers, ports, and total services. And with management focused on an aggressive global expansion strategy, it looks well-placed for strong long-term growth. Especially given the cloud computing boom.

The Orica Ltd (ASX: ORI) share price climbed to a multi-year high of $23.37 yesterday. The commercial explosives company’s shares have been on a tear this year thanks to a major improvement in its performance and market conditions. This latest gain means the Orica share price is now up 38% since the start of the year. Another positive which has supported its share price has been management’s focus on the future. At its investor day event it revealed that it is leveraging technology to fuel its growth.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO and MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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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