The Australian share market has returned to form this week. This has led to a large number of shares pushing higher.
Some have even managed to climb to 52-week highs or better. Three that have achieved this feat are listed below. Here’s why they are flying high:
The Aristocrat Leisure Limited (ASX: ALL) share price pushed higher again and reached a 52-week high of $32.11 on Thursday. The gaming technology company’s shares have been on fire this year thanks to its attractive valuation and solid long-term growth potential. The company’s digital segment is the one that is getting investors most excited. It is generating significant recurring revenues thanks to the growing popularity of social and mobile gaming.
The JB Hi-Fi Limited (ASX: JBH) share price continued its positive run and stormed to an all-time high of $37.06 yesterday. Investors were fighting to get hold of shares and short sellers were rushing to close positions after a solid AGM update on Thursday. Despite tough retail trading conditions, JB Hi-Fi has continued to generate solid sales growth so far in FY 2020. Management also reiterated its full year guidance, much to the dismay of short sellers. I think it is fair to say that they regret targeting this one.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price climbed to a record high of $8.74 on Thursday. The airport operator’s shares have been in demand this year from income investors searching for a decent yield in this low interest rate environment. In addition to this, Sydney Airport has recently reported a rebound in domestic passenger numbers and the continuation of strong international passenger growth. If this trend continues, it could mean the airport operator is well-placed for solid income and dividend growth in FY 2020.
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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 Sydney Airport Holdings 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.