The market was on form again on Wednesday and stormed notably higher. This positive form has helped drive a number of popular shares to 52-week highs or better.
Three which achieved this milestone yesterday are listed below. Is it too late to invest?
The SeaLink Travel Group Ltd (ASX: SLK) share price continued its positive run and hit an all-time high of $5.20 on Wednesday. The travel company's shares have been on fire since announcing the acquisition of Transit Systems for an enterprise value of $635 million. Transit Systems is Australia's largest private operator of metropolitan public bus services. It is also an established international bus operator in both London and Singapore. Management expects the deal to be transformational and highly accretive to earnings per share. I agree and feel SeaLink is worth a closer look even at these levels.
The Wesfarmers Ltd (ASX: WES) share price climbed to an all-time high of $40.65 yesterday. Investors have been buying the conglomerate's shares this year thanks to its strong performance in FY 2019 and improving outlook. In respect to the latter, the improving housing market looks set to be a big boost to its prospects in FY 2020 and FY 2021. This is because its key Bunnings, Kmart, and Target brands all have exposure to the housing market. Despite its strong gain, I think Wesfarmers could be a good option for investors.
The Xero Limited (ASX: XRO) share price charged to a record high of $70.53 on Wednesday. This latest gain means the cloud-based business and accounting software platform provider's shares have gained over 67% since the start of the year. Investors have been scrambling to buy its shares this year thanks to its explosive sales and customer growth. Another positive has been its ultra low churn rates, which appears to demonstrate just how sticky the product is. I believe this bodes well for the future and provides it with a firm foundation to build on. Whilst I think its shares are a little expensive now, I would still be a buyer if you plan to hold them for the long-term.
