With the market returning to form and charging higher on Tuesday, it will come as no surprise to learn that a good number of shares pushed higher.
Some that pushed so hard they ended up reaching 52-week highs or better are listed below. Here’s why they are on a high right now:
Biotron Limited (ASX: BIT)
The Biotron share price raced to a 52-week high of 18.5 cents on Tuesday before tumbling lower. Investors have been scrambling to buy the clinical stage biotechnology company’s shares after it announced that it is testing several promising compounds for activity against coronavirus. This includes the new novel strain known as 2019-nCoV. Biotron has over 30 compounds which already have good activity against a range of coronaviruses. These includes human coronaviruses that cause mild, cold-like symptoms, as well as the SARS coronavirus that was responsible for an outbreak in 2003.
CSL Limited (ASX: CSL)
The CSL share price climbed to an all-time high of $326.30 on Tuesday. Investors were buying the biotherapeutics company’s shares in anticipation of a stellar half year result later this morning. Thanks partly to favourable conditions in the immunoglobulins market and a strong start to the Northern Hemisphere flu season, CSL has been tipped as a company that could outperform in FY 2020.
Tyro Payments Ltd (ASX: TYR)
The Tyro Payments share price continued its positive run and hit a record high of $4.50 yesterday. This means the payments company’s shares are now up almost 64% since hitting the ASX boards in December at $2.75 per share. Investors appear confident that Tyro is well-positioned to disrupt Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four banks in the payment terminals market. In FY 2019 Tyro became Australia’s fifth largest merchant acquiring bank after processing more than $17.5 billion in transaction value through the 29,000 Australian merchants that have partnered with it
The post Why CSL and these ASX shares just hit 52-week highs 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 no position in any of the stocks mentioned. 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