A solid start to the week saw the S&P/ASX 200 close just a touch short of a fresh record high on Monday.
But it wasn’t just the benchmark index that was on form. Three shares which reached 52-week highs or better on Monday are listed below. Here’s why they are flying high right now:
Catapult Group International Ltd (ASX: CAT)
The Catapult share price hit a 52-week high of $2.21 on Monday. The sports analytics and wearables company’s shares have been on fire this year thanks to a big improvement in its financial performance, the launch of new products, and contract wins. One major contract win was from Rugby Australia. Last month Rugby Australia renewed its union-wide performance partnership and expanded it to include Catapult’s new Vector technology. Also supporting its share price has been the appointment of a new CEO. Former Amazon executive, Will Lopes, is now in the top job and appears to have the experience required to scale Catapult.
Cochlear Limited (ASX: COH)
The Cochlear share price has been on form again in 2019 and hit an all-time high of $238.54 yesterday. Investors have been buying the hearing solutions company’s shares after it delivered another strong result in FY 2019. In addition to this, the receipt of FDA approval for key products has also gone down well with the market. This appears to have put Cochlear in a position to deliver another solid profit result in FY 2020.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price hit an all-time high of $38.19 on Monday. Much to the dismay of short sellers targeting the company, this latest gain means the retailer’s shares have gained a whopping 76% since the start of the year. The catalyst for this strong gain has been its robust performance despite the tough trading conditions being faced in the retail sector. Another positive is the rebounding housing market. This could lead to increasing demand for white goods and support its sales growth in 2020.
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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 Catapult Group International Ltd and Cochlear Ltd. The Motley Fool Australia has recommended Catapult Group International Ltd and Cochlear Ltd. 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.