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ResApp and these ASX shares just raced to 52-week highs

On Monday the Australian share market started the week with the smallest of gains.

Despite this, some ASX shares charged notably higher. Some even managed to climb to 52-week highs or better.

Three that achieved this milestone are listed below. Here’s why they are flying high right now:

The BWP Trust (ASX: BWP) share price rose to an all-time high of $4.33 on Monday. This latest gain means the commercial real estate company’s shares have now risen almost 23% since the start of the year. Investors have been buying BWP’s shares this year due to increasing demand for bond proxies in this low interest rate environment. As the landlord of Bunnings, BWP has one of the highest quality tenants in the retail sector. This, combined with periodic rent increases, has made it a firm favourite with income investors. And with the cash rate tipped to go lower again in early 2020, I continue to see it as a good option for investors.

The ResApp Health Ltd (ASX: RAP) share price continued its impressive run and reached a multi-year high of 42 cents yesterday. Investors have been scrambling to buy the digital health company’s shares over the last couple of months thanks to a series of promising updates. One of those was the release of positive top-line results from its prospective, blinded at-home obstructive sleep apnoea study. ResApp’s smartphone app was able to accurately identify obstructive sleep apnoea when compared to a simultaneous at-home comprehensive sleep study. Another positive development related to its ResAppDx-EU product. It was granted Australian Therapeutics Goods Administration approval as a Class IIa medical device. This makes ResAppDx-EU the world’s first smartphone-based diagnostic test for acute paediatric respiratory disease.

The Stockland Corporation Ltd (ASX: SGP) share price was on form on Monday and rose to a decade-high of $4.96. The diversified property company’s shares surged higher following the release of its first quarter update. That update revealed that Stockland has started the new financial year strongly. It advised of an improvement in residential sales, an increase in comparable retail MAT growth, continued up-weighting in logistics, and progress in its commercial property development pipeline. Management also revealed that it is on target to achieve its guidance for flat earnings and distributions in FY 2020. Which means that its shares still offer an attractive 5.5% distribution yield despite trading at a decade-high.

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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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