The S&P/ASX 200 index may have started the week on a disappointing note, but that didn't stop some shares from pushing higher.
A number of shares even managed to climb to 52-week highs or better. Here's why these ASX shares are on a high right now:
The Accent Group Ltd (ASX: AX1) share price climbed to a multi-year high of $1.93 on Monday. The footwear-focused retail group's shares have been strong performers this year thanks to a solid full year result in FY 2019 and a positive start to the new financial year. At its annual general meeting at the end of November, Accent revealed that it it expects another year of profit growth in FY 2020. This bodes well for its dividend, which already provides a generous 4.3% trailing fully franked yield.
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price was on form again yesterday and hit a 52-week high of $54.39. The pizza chain operator's shares have been strong performers in recent months thanks to its reasonably positive start to FY 2020 and management's reiteration of its medium term growth targets. Domino's recently confirmed that it is targeting same store sales growth of 3% to 6% and store growth of 7% to 9% for the next 3 to 5 years. Combined, this is expected to lead to double digit profit growth over the coming years.
The Xero Limited (ASX: XRO) share price hit an all-time high of $84.45 on Monday. Investors have been buying the business and accounting software provider's shares in 2019 after it delivered more impressive growth. For example, in the first half of FY 2020, reported a 32% increase in operating revenue to NZ$338.7 million and a 30% lift in annualised monthly recurring revenue (AMRR) to NZ$764.1 million. Xero also revealed that it has now surpassed 2 million global subscribers. This caught the eye of analysts at Morgan Stanley. Earlier this month they retained their overweight rating and lifted the price target on Xero's shares by 38% to $90.00.
