3 ASX shares hitting 52-week highs this week

While the ASX 200 Index has been chopping back and forth in May, these 3 ASX shares have cruised to 52-week highs.

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The S&P/ASX 200 Index (ASX: XJO) is trying to find its footing in what has otherwise been a volatile May. While the index might be trying to decide whether or not it wants to say above or below 7,000, these ASX200 shares have cruised to 52-week highs.

ALS Ltd (ASX: ALQ)

ALS could be described as a classic slow-moving ASX share. The global testing, inspection and certification company has a mixed history of financial results, with its fair share of both earnings misses and surprises. It managed to do the latter this week.

The ALS share price surged a rare 12.8% to $12.30 on Wednesday after the release of its full-year results. This not only marked a 52-week high, but a significant 9-year high. While many shares have had the tendency to give back their gains after a move up, the ALS share price has managed to stay near Wednesday’s highs, trading at $12.23 at the time of writing.

Codan Ltd (ASX: CDA)

The Codan share price could be one of the top-performing ASX shares this year, running a solid 68% year-to-date.

Its shares took a breather between August 2020 and February 2021, chopping largely between the $10 to $12 level. It wasn’t until the company acquired a US-based communications supplier in mid-February, that its shares jumped to a new all-time record high of $13.54. Its shares have been trending strongly ever since, marking higher highs and higher lows to another record high on Friday of $19.35.

Collins Foods Ltd (ASX: CKF)

A business that operates KFC and Taco Bell franchises isn’t exactly an ASX share you’d expect to see surging 15% in the last 7 trading sessions. The company hasn’t released any market sensitive announcements since December last year, where it delivered a solid set of half-year results.

Positive March retail turnover data from the Australian Bureau of Statistics (ABS) could be a factor to consider in the recent jump in the Collins Foods share price. The ABS advised that Australian retail turnover increased 1.1% from March 2021 to April 2021, seasonally adjusted.

The ABS especially noted that food retailing was a strong performer, increasing 1.5% following declines across both February and March 2021.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Collins Foods 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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