The S&P/ASX 200 Index (ASX: XJO) and All Ordinaries (ASX: XAO) have made a V-shaped recovery following a weak finish to October. The broad strength and company-specific tailwinds has allowed these five ASX shares to hit 52-week highs on Friday.
1. Eagers Automotive Ltd (ASX: APE) The Eagers Automotive share price hit a 52-week high of $12.80 on Friday. The automotive sector including competitors such as Bapcor Ltd (ASX: BAP) have been some of the best performing ASX200 shares this year. In its most recent trading update announced on 15 October, the company delivered a 45.4% increase in underlying operating profit before tax for the nine months ended 30 September. While the Eagers Automotive share price is making new highs, its operational and financial performance have also lived up to expectations.
2. Lynas Corporation Ltd (ASX: LYC) The Lynas share price has pushed higher in recent months to a 52-week high of $3.08. Lynas is the world’s second largest producer of rare earths outside China. The increasing importance for rare earth minerals has put Lynas in the spotlight with recent contracts signed with the US Department of Defense for a US-based rare earths facility and expanding its production capabilities in Western Australia and Malaysia.
3. Nextdc Ltd (ASX: NXT) Data centres continue to capture the tailwinds of an increasing appetite for cloud and connectivity services. This, combined with the recent surge in US tech and ASX200 shares, has seen the NextDC share price hit a record all-time high just shy of $14.00.
4. REA Group Limited (ASX: REA) The REA Group share price continues to grind higher despite ongoing impacts of COVID-19 on property markets. The company released its first quarter FY21 results on Friday. They highlight a 3% fall in revenues and 8% increase in earnings before interest, tax, depreciation and amortisation (EBITDA). In October, national residential listings were down 1%, with increases in Melbourne and Sydney of 14% and 2% respectively, offset by declines in other markets. The REA Group continues to see strong levels of buyer inquiry, underpinned by low interest rates and healthy bank liquidity. Its sound results pushed its share price higher to a record all-time high of $132.14.
5. Wisetech Global Ltd (ASX: WTC) The Wisetech share price hit a 52-week high of $32.34 on Friday. Its shares are clawing back last year’s underperformance following J Capital’s short selling report and weaker-than-expected earnings. The company has not released any market sensitive news in October besides a strategic alliance with OFX Group Ltd (ASX: OFX). The market did react positively to Wisetech’s FY20 results back in August. The lingering sentiment and soaring tech shares may be pushing the Wisetech share price higher.
The post Which 5 ASX shares hit 52-week highs on Friday? appeared first on Motley Fool Australia.
Motley Fool contributor Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended REA Group Limited. 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.
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