The Australian share market may have fallen heavily on Tuesday, but not all shares tumbled lower with it.
Some even managed to continue their positive runs and climb to 52-week highs or better. Here’s why these ASX shares are hitting new highs this week:
CSL Limited (ASX: CSL)
The CSL share price continued its positive run and hit an all-time high of $319.00 on Tuesday. Investors have been scrambling to buy the biotherapeutics company’s shares over the last 12 months due to its impressive performance in FY 2019 and its positive outlook for the current financial year. Thanks to increasing demand for immunoglobulins and tight market conditions, CSL has been tipped to outperform in FY 2020.
Data#3 Limited (ASX: DTL)
The Data#3 share price hit a record high of $4.53 yesterday. Investors have been buying the technology solutions company’s shares this month after it provided an update on its expectations for the first half. Data#3 revealed that it expects to report a consolidated net profit before tax at the top end of its guidance range of $11 million and $12.5 million. This compares to the $9 million it achieved in the prior corresponding period. The catalyst for this strong performance was an uplift in Data#3’s core business and public cloud-based earnings.
Reject Shop Ltd (ASX: TRS)
The Reject Shop share price continued its ascent and hit a 52-week high of $4.54 on Tuesday. This latest gain means that the discount retailer’s shares have rallied an incredible 120% since the start of December. This strong gain has been driven partly by rampant buying from Grahger Retail Securities. The most recent purchase of shares took Grahger Retail Securities’ holding up to 10.426%. The fund manager appears confident that Reject Shop’s new CEO, Andre Reich, will help turn around the company’s fortunes.
The post Why CSL and these ASX shares are flying high right now 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 CSL Ltd. The Motley Fool Australia has recommended Data#3 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