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Why PolyNovo and these ASX shares just hit new highs

James Mickleboro
share price higher

Although the market has been out of form this week, it hasn’t stopped some shares from racing higher.

In fact, the three ASX shares listed below have just reached 52-week highs or better. Here’s why they are flying high right now:

Credit Corp Group Limited (ASX: CCP)

The Credit Corp share price hit a record-high of $35.50 on Thursday. Investors have been buying the debt collector’s shares over the last 12 months thanks to its strong performance in FY 2019 and its positive start to the new financial year. Earlier this week Credit Corp released its half year results and revealed a 13% increase in its consumer loan book to $230 million. Combined with a very strong performance by its U.S. business and profit growth across all segments, this led to Credit Corp reporting a 15% increase in first half net profit after tax to $38.6 million.

Macquarie Telecom Group Ltd (ASX: MAQ)

The Macquarie Telecom share price hit a multi-year high of $27.00 on Thursday. This latest gain means the telco and data centre company’s shares have risen 35% over the last 12 months. Investors appear to have been buying Macquarie Telecom’s shares due to its attractive valuation, defensive qualities, and solid growth potential thanks to its exposure to the cloud computing boom. Also giving its shares a boost was a recent contract win with the ATO. It will provide the tax office with Secure Internet Gateway (SIG) and cyber security services estimated to be worth approximately $20 million over an initial three-year term.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price continued its incredible run and reached an all-time high of $3.00 this week. Investors have been scrambling to buy the medical device company’s shares over the last 12 months thanks to the strong potential of its NovoSorb BTM product. NovoSorb BTM is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery or burn. This product has a significant market opportunity and appears to have been well-received by surgeons. This has certainly been the case in the UK where the product has just been applied to its first two patients. One patient was treated for Necrotising Fasciitis in an English NHS hospital, whereas a second patient was treated for a scalp defect.

The post Why PolyNovo and these ASX shares just hit new 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 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