On Tuesday the All Ordinaries returned to form and raced higher again.
This led to a number of shares on the index pushing notably higher along with it. Some shares even managed to climb to 52-week highs or better.
Three ASX shares that are on a high right now are listed below. Here’s why they are scaling new heights:
Breville Group Ltd (ASX: BRG)
The Breville Group share price hit an all-time high of $19.76 on Tuesday. The appliance manufacturer’s shares have been on fire over the last 12 months thanks to a very strong performance in FY 2019. This was the result of its well-controlled inventory, strong growth from both its Global Product and Distribution segments, and successful geographic expansion. And with the housing market improving greatly, investors appear to believe that its Australian business could grow strongly in the coming years and drive further solid earnings growth.
Kogan.com Ltd (ASX: KGN)
The Kogan share price climbed to a 52-week high of $8.00 yesterday. This ecommerce company’s shares have been on an upward trajectory since the release of a solid full year result in August. That release revealed that Kogan had a very strong end to the financial year. The good news is that this momentum has carried over into FY 2020, leading to the company reporting strong sales and profit growth in the first quarter. Judging by its share price performance, the market appears to believe that Kogan will have performed equally strongly in the recently completed (and hugely important) second quarter.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price raced to a record-high of $6.13 on Tuesday. This means the corporate bookmaker’s shares have now more than tripled in value since listing on the Australian share market at $2.00 per share in June of last year. Investors have been fighting to get hold of its shares thanks to its strong start to FY 2020, its promising expansion into the United States, and a successful $122 million entitlement offer. The latter is expected to support its U.S. expansion, technology and product development, and client acquisition.
The post Why Breville, Kogan, & PointsBet shares just hit 52-week highs 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 has recommended Kogan.com ltd and Pointsbet Holdings Ltd. 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. 2020