A number of shares have been pushing higher on the ASX this month.
Some have climbed more than most and have even managed to reach 52-week highs or better.
Three that have achieved this feat are listed below. Here’s why they are soaring right now:
Bailador Technology Investments Ltd (ASX: BTI)
The Bailador Technology Investments share price hit a multi-year high of $1.13 on Friday. This technology focused expansion capital company caught the eye in FY 2019 when seven out of its ten portfolio companies experiencing upwards revaluations. This ultimately led to the company reporting a 367% increase in net profit to $17.1 million and an 18.2% lift in NTA per share to $1.31. Pleasingly, its positive form has continued in FY 2020. On Friday it announced that one of its key investments, SiteMinder, has raised capital at a premium. According to the release, the deal will mean a 27% uplift of Bailador’s carrying value from $72.9 million to $92.4 million.
Perseus Mining Limited (ASX: PRU)
The Perseus Mining share price reached a multi-year high of $1.12 at the end of last week. The catalyst for this was another rise in the gold price. Some traders appear to be betting against a US and China trade deal being signed, supporting demand for safe haven assets. Also supporting its shares recently is news that Perseus has been added to the S&P/ASX All Australian 200 Index and its positive update on the construction of its Yaouré Gold Mine in the Ivory Coast.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price climbed to a 52-week high of $10.45 on Friday. Investors have been buying the retailer’s shares this year thanks to its positive performance in a tough retail market. Pleasingly, the retail group behind BCF, Macpac, Rebel, and Super Cheap Auto has started FY 2020 in a positive fashion. During the first 16 weeks of the financial year Super Retail delivered total sales growth of 4.2%. In addition to this, investors appear to have been attracted to its shares for their generous dividend yield in this low interest rate environment.
The post Why these ASX shares just hit 52-week highs or better appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Super Retail Group Limited. 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.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019