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Why these ASX shares just surged to 52-week highs

Although the Australian share market started the week with a small decline, it didn’t stop a number of shares from racing higher.

Some of these shares even managed to climb to 52-week highs or better. Here’s why these ASX shares are on a high right now:

Compumedics Limited (ASX: CMP)

The Compumedics share price jumped a whopping 37% on Monday to hit a multi-year high of 96 cents. Investors were fighting to get hold of the medical device company’s shares after it released an update on its Orion LifeSpan Magnetoencephalography (MEG) single Dewar system. MEG is a neuroimaging technique for mapping brain activity by recording magnetic fields produced by electrical currents occurring naturally in the brain. It has now been approved by the U.S. FDA. Which means that sites using the Orion LifeSpan may now routinely bill both private and public insurance plans for MEG examinations.

Money3 Corporation Limited (ASX: MNY)

The Money3 share price climbed to an all-time high of $2.93 yesterday. The shares of the secured automotive loans company surged higher following the release of its first half year results. In the first half, Money3 reported normalised net profit after tax (NPAT) of $15.7 million. This was a sizeable 61.9% increase on the prior corresponding period. This allowed the Money3 board to declare a fully franked interim dividend of 5 cents per share. Looking ahead, management expects this strong form to continue in the second half. It has provided guidance for NPAT in excess of $30 million and a minimum 10 cents per share full year dividend.

ResMed Inc. (ASX: RMD)

The ResMed share price continued its positive run and reached a new record high of $26.36 on Monday. The sleep treatment specialist’s shares have been on fire this year thanks to its strong performance in the second quarter. During the quarter the company delivered revenue growth of 13% to US$736.2 million. And thanks to the further expansion of its margins, ResMed’s net operating profit increased at the even quicker rate of 26% to US$197.8 million.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. 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.