The S&P/ASX 200 Index (ASX: XJO) is back in the green today, posting a rise of 0.81% at the time of writing to 5,371 points.
We have now put the lows we saw for the ASX 200 in March (under 4,500 points) well and truly in the rear-view mirror but even so, we remain a long way from the all-time highs we saw in February where the ASX 200 was above 7,150 points. It will take a lot to get back to those levels.
Even though the broader market is still significantly down, there are some ASX shares sitting at 52-week highs as we speak. Here are 5 of them:
Pushpay Holdings Ltd (ASX: PPH)
Pushpay is a payments company that is developing digital solutions to adapt the old 'pass the hat around' fundraising models that many organisations (like churches and charities) still rely on. One of the consequences of the coronavirus pandemic is a decisive move away from physical cash payments and clearly the market is viewing Pushpay as a winner here. Its shares made a new all-time high of $6.63 earlier today.
Evolution Mining Ltd (ASX: EVN)
Gold often goes up in value when there is a lot of uncertainty in the markets and investors have an increased appetite for 'safe-haven' assets. As a physical, rare and precious metal, the tangibility of gold is proving a massive drawcard for investors right now as money printing and quantitative easing become a seemingly permanent fixture of US monetary policy.
As such, the gold price is approaching record highs in US dollar terms and is at record highs in Aussie dollar terms, which is why miners of the yellow metal are in high demand right now. Evolution is one of those miners and today, Evolution shares are asking a fresh 52-week high of $5.70.
Saracen Mineral Holdings Limited (ASX: SAR)
Saracen is another ASX gold miner and has been rising for the same reasons discussed above for Evolution. Today, Saracen shares made a new 52-week and all-time high of $4.98.
Ramelius Resources Limited (ASX: RMS)
Ramelius is yet another gold miner that is benefitting from the high price of the yellow metal. Its shares hit a new 52-week high of $1.54 today. It's not quite an all-time high for Ramelius, but its certainly the highest share price seen for this gold miner since at least 2011.
Foolish takeaway
Just because a company is at a 52-week high doesn't mean it's a good buy today. It could well be the start of a long journey upwards for a particular ASX share, but on the other hand, it could be the peak before a decline – it can be hard to know. If you're thinking of buying any one of these shares, just be careful that you are making a prudent investment and not just jumping on a bandwagon.
