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Why Creso Pharma and these ASX shares just hit 52-week highs or better

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On Tuesday the Australian share market continued its positive run and climbed higher again. This led to the market reaching a nine-month high.

While this is a big positive, some ASX shares are performing even better.

For example, three ASX shares which have hit 52-week highs or better are listed below:

Creso Pharma Ltd (ASX: CPH)

The Creso Pharma share price rocketed to a 52-week high of 26 cents on Tuesday. When the cannabis company’s shares hit that level, it meant they were up an incredible 381% since this time last week. Investors have been buying Creso Pharma’s shares since the UN announced a landmark decision to reclassify cannabis as a less dangerous drug and the US House of Representatives voted to decriminalise cannabis. Creso believes this has the potential to create significant growth opportunities in the industry. It also advised that its Canadian subsidiary, Mernova, can scale up operations to meet potential demand from the US market.

SEEK Limited (ASX: SEK)

The SEEK share price rose to a record high of $26.79 yesterday. The job listings company’s shares have been very positive performers over the last four to five weeks for a couple of reasons. One was news that a number of potentially effective COVID-19 vaccines will be released in the near future. This sparked hopes of a quicker than expected economic recovery, which would only be good news for the job market. Also giving its shares a boost was an update by SEEK at its annual general meeting. SEEK lifted its guidance after a stronger than expected rebound in its performance across a number of markets.

Xero Limited (ASX: XRO)

The Xero share price hit a record high of $141.50 on Tuesday. The catalyst for this was a broker note out of Goldman Sachs earlier this week. Its analysts slapped a buy rating and $157.00 price target on the cloud-based business and accounting software provider’s shares. Goldman believes Xero’s long-term earnings opportunity is material. It estimates that it has a NZ$14 billion total addressable market across its key regions. It also suspects that its total addressable market could be worth a further NZ$62 billion if it can monetise its app ecosystem. This provides it with a “multi-decade runway for strong revenue growth.”

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James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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