With the market returning to form this month, a number of shares have been scaling new heights.
Three shares that have just hit 52-week highs or better are listed below. Here's why they are on fire right now:
Nitro Software Ltd (ASX: NTO)
The Nitro Software share price climbed to a new high of $1.68 on Friday. However, whilst this is the highest level its shares have traded at since listing on the ASX boards last week, it is still a touch lower than its listing price of $1.72. Nitro Software is a global document productivity software company aiming to drive digital transformation in organisations around the world across multiple industries. Its core solution is the Nitro Productivity Suite. This provides integrated PDF productivity and electronic signature tools to customers through a horizontal, software-as-a-service and desktop-based software solution.
OZ Minerals Limited (ASX: OZL)
The OZ Minerals share price hit a multi-year high of $11.41 at the end of last week. A recent and solid rise in the copper price has been supportive of OZ Mineral's shares this month. As has news that it has formally approved the development of the Pedra Branca asset. In addition to this, the delivery of first concentrate at its Carrapateena copper-gold project in South Australia is due this month. This could be a major asset in the future and came with a project development cost estimated in the range of $950 million to $980 million.
Tyro Payments Ltd (ASX: TYR)
The Tyro Payments share price raced to a record high of $3.76 on Friday. When the newly listed payments company's shares hit that level, it meant they had gained 37% since listing at $2.75 on December 6. Investors appear bullish on the company's prospects at disrupting the big four banks' dominant position in payment terminals. In FY 2019 there were 29,000 Australian merchants that chose to partner with the company. Through these merchants, Tyro processed more than $17.5 billion in transaction value. This made Tyro Australia's fifth largest merchant acquiring bank by number of terminals, behind only Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four banks.
