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Why ResMed and these ASX shares just stormed to 52-week highs

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The Australian share market may have tumbled lower on Wednesday, but that didn’t stop some shares from pushing higher.

Three that even managed to climb to 52-week highs or better are listed below. Here’s why they are on form right now:

The ALS Ltd (ASX: ALQ) share price hit a 52-week high of $9.18 on Wednesday. Investors were buying the testing services company’s shares following the release of a strong half year result. In the first half of FY 2020 ALS returned to form and posted revenue from continuing operations of $919.1 million and underlying net profit after tax of $98.2 million. This was an increase of 11.3% and 5.3%, respectively, on the prior corresponding period. Its profit result was ahead of its guidance range and driven by a strong performance from its key Life Sciences business.

The Aristocrat Leisure Limited (ASX: ALL) share price jumped to an all-time high of $33.92 yesterday. Investors have been buying the gaming technology company’s shares all year due to its attractive valuation and strong long term growth potential. However, the latest gain that pushed it to its all-time high was the release of its full year results on Wednesday. Aristocrat Leisure delivered normalised operating revenue of $4,387.4 million and NPATA of $894.4 million. This represents growth of 22.7% and 22.6%, respectively, on the prior corresponding period. A key driver of this result was the strong growth of its Americas and Digital segments. The company also benefited from tax cuts and favourable currency movements.

The ResMed Inc (ASX: RMD) share price hit an all-time high of $22.00 on Wednesday before edging slightly lower. Investors have been scrambling to get hold of the sleep treatment specialist’s shares this year thanks to an impressive performance in FY 2019 and a very positive start to the new financial year. In respect to the latter, ResMed recently released its first quarter update. It posted a 17% jump in sales to US$681.1 million and a 16% lift in adjusted net profit to US$135.4 million. This was ahead of the market’s expectations.

These 3 stocks could be the next big movers in 2020

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