Last week the Australian share market continued its positive run and finished the period just short of its record high.
Whilst a good number of shares are on the rise right now, some have climbed even more.
Here’s why these ASX shares have just hit 52-week highs or better:
ARB Corporation Limited (ASX: ARB)
The ARB share price climbed to a 52-week high of $20.56 on Friday. Investors have been buying the four-wheel drive vehicle accessories company’s shares following the recent release of its guidance for the first half of FY 2020. ARB expects to report a 7.1% increase in total revenue to $234 million for the first half. And while its first half profits are expected to be lower than the prior corresponding period, this is largely down to unfavourable currency movements and has not deterred investors from snapping up shares.
Megaport Ltd (ASX: MP1)
The Megaport share price stormed to an all-time high of $12.20 last week. The catalyst for this was the recent half year result from the leading provider of elastic interconnection services. For the six months ended December 31, Megaport reported revenue of $25.9 million. This was an increase of 70% on the prior corresponding period. Also catching the eye was a strong rise in its total Monthly Recurring Revenue (MRR). That climbed to $4.6 million at the end of December, which was an increase of $1.9 million or 68% from a year earlier. Megaport generated a profit after direct network costs of $13.2 million for the half year, which was an increase of $8.3 million or 173%.
Transurban Group (ASX: TCL)
The Transurban share price rose to an all-time high of $16.41 on Friday. Investors have been buying the toll road operator’s shares thanks to falling rates and another solid half year result. In the first half of FY 2020, Transurban reported a 2.3% increase in average daily traffic (ADT). Combined with toll price increases, this led to its proportional toll revenue increasing by 8.6% to $1,396 million. This strong start to the financial year has allowed the Transurban board to reaffirm its FY 2020 distribution guidance of 62 cents per share.
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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 MEGAPORT FPO. The Motley Fool Australia owns shares of and has recommended Transurban Group. The Motley Fool Australia has recommended ARB Limited and MEGAPORT FPO. 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.