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Why these ASX shares just stormed to 52-week highs or better

ASX share price rise represented by two investors high fiving
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The S&P/ASX 200 Index (ASX: XJO) was on form again on Thursday and stormed higher.

While a good number of shares climbed higher with the market, some climbed so much they hit new highs.

Here’s why these ASX shares have just hit 52-week highs or better:

Galaxy Resources Limited (ASX: GXY)

The Galaxy Resources share price continued its incredible run and hit a two and a half year high of $3.19 on Thursday. This means the lithium miner’s shares have now rallied 220% over the last six months. Investors have been scrambling to buy Galaxy and other lithium miners due to optimism over demand for the battery making ingredient thanks to the growing adoption of electric vehicles and US President Joe Biden’s plan to lead a transition to renewable energy. According to Metal Bulletin, China’s domestic battery-grade lithium carbonate prices rose to a 14-month high late last week.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price stormed to a record high of $15.88 yesterday. The catalyst for this was an announcement by the sports betting company which revealed that it has been given approval to operate within the state of Michigan in the United States. The Michigan Gaming Control Board has granted approval for PointsBet to begin online sports betting operations this week. This means the company is now able to operate in six states – Michigan, New Jersey, Iowa, Indiana, Illinois, and Colorado.

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price climbed to a record high of $52.30 on Thursday. Investors have been buying the conglomerate’s shares thanks to its strong form in both FY 2020 and the current financial year. In respect to the latter, a trading update in November reveals that it delivered strong sales growth across the business during the first four months of FY 2021. The star of the show was arguably the key Bunnings business, which reported a 25.2% jump in sales during the period. This was driven partly by customers spending more time undertaking projects around the home.

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James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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