Although the Australian share market took a tumble on Tuesday, that didn’t stop some shares from pushing higher.
Three shares that even managed to hit new 52-week highs or better are listed below. Here’s why they are on a high right now:
The Catapult Group International Ltd (ASX: CAT) share price hit a 52-week high of $1.76 on Tuesday. After a couple of years of underwhelming the market, investors appear to believe this sports analytics and wearables company is back on the right track. This follows the appointment of a former Amazon executive as its new CEO, the launch of new products, and yesterday’s renewal of the Rugby Australia contract. Rugby Australia has renewed its union-wide performance partnership and expanded it to include Catapult’s new Vector technology.
The Domain Holdings Australia Ltd (ASX: DHG) share price jumped to a 52-week high of $3.60 yesterday. Investors have been buying this property listings company’s shares after house prices rebounded. This is expected to lead to strong demand for listings in 2020 and position it for growth in FY 2021. Also giving its shares a lift was a broker note out of Macquarie on Tuesday. Its analysts upgraded Domain’s shares to an outperform rating with an improved price target of $3.60. They were particularly impressed with management’s cost controls during the first quarter.
The National Storage REIT (ASX: NSR) share price climbed to an all-time high of $1.92 on Tuesday. The self-storage giant’s shares have been in demand this year following the Reserve Bank’s cash rate cuts. After all, even after their strong gain this year, National Storage’s shares offer a generous trailing 5% distribution yield. Another positive is the improving housing market. As the number of housing transfers (people moving houses) increases, so too should demand for the company’s services from consumers.
The post Why these ASX shares just raced to 52-week highs or better appeared first on Motley Fool Australia.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Catapult Group International Ltd. The Motley Fool Australia has recommended Catapult Group International Ltd and National Storage REIT. 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