The All Ordinaries index was in fine form on Tuesday. The benchmark index stormed 1.25% higher to finish the day at 6,943.6 points.
Whilst the majority of shares pushed higher yesterday, a few stood out with gains that took them to new highs.
Here’s why these All Ordinaries shares have just hit 52-week highs or better:
Domino’s Pizza Enterprises Ltd (ASX: DMP)
The Domino’s Pizza share price climbed to a 52-week high of $55.66 on Tuesday. The pizza chain operator’s shares have been rising strongly over the last four months following the release of its full year results. Although those results were not outstanding, they were better than many expected. Furthermore, investors appear pleased with the company’s global store expansion plans. This is expected to drive strong earnings growth over the next decade. One broker that is confident is Goldman Sachs. On Tuesday it retained its conviction buy rating and lifted its price target to $60.50.
Macquarie Telecom Group Ltd (ASX: MAQ)
The Macquarie Telecom share price hit a multi-year high of $24.50 yesterday. Investors appear to have been buying the telecom, data centre, and cloud services provider’s shares due to its exposure to the cloud computing boom. Also supporting its shares was a recent contract win with the ATO. Macquarie Telecom will provide Secure Internet Gateway (SIG) and cyber security services estimated to be worth approximately $20 million over an initial three-year term.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price hit an all-time high of $43.30 on Tuesday. Whilst the conglomerate’s shares have been strong performers over the last 12 months, they have gone up a gear in recent months. This appears to have been driven by investor optimism due to the housing market rebound. As a number of Wesfarmers’ brands have exposure to the housing market and consumer spending, investors appear confident that FY 2020 will be a strong year. In addition to this, demand for blue chip income in this low interest rate environment has supported the buy side.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended Domino's Pizza Enterprises 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.
- 3 small cap ASX shares to put on your watchlist right now – September 28, 2020 3:00pm
- Why Corp Travel Management (ASX:CTD) and Starpharma (ASX:SPL) shares are in trading halts – September 28, 2020 2:06pm
- Piedmont Lithium (ASX:PLL) share price rockets 83% higher on Tesla deal – September 28, 2020 1:35pm