Another set of yearly gainers to report, despite many external pressures.
The post These three ASX shares smashed 52-week highs today appeared first on The Motley Fool Australia. –
ASX shares keep on giving to investors despite a plethora of negative catalysts circling global financial markets.
After a choppy month or so, the benchmark S&P/ASX 200 Index (ASX: XJO) has warded off inflationary pressures, panic around bond yields and economic downturn, and found form once again.
It has rebounded off its low of 7,185 points on 1 October to climb another 3.43% to 7,431.5 points at the time of writing.
And these three ASX shares have been riding the wave today, with each posting new single-year highs in early trading.
Ramsay Healthcare (ASX: RHC)
Shares in global hospital giant Ramsay Healthcare have accelerated in almost vertical fashion from mid-October to post a new 52-week high today.
At the time of writing, the Ramsay Healthcare share price was trading up around 1.2% at $72.71 but has climbed more than 10% since bouncing off a low of $65.94 last month.
Investors have been piling into Ramsay shares as the NSW and Victorian state governments ease COVID-19 restrictions that were impacting hospital patient turnover.
After it was confirmed that surgical restrictions were eased last month, the trend was set for the healthcare giant.
As such, Ramsay shareholders have enjoyed another 3% in gains to start November and will no doubt be happy after securing a new yearly high today.
Aristocrat Leisure Ltd (ASX: ALL)
Shares in global gaming specialist Aristocrat also reached new single-year highs today, hitting an intraday high of $49.59 in early trading.
At the time of writing, Aristocrat shares were changing hands at $49.40 apiece, a further 2.49% gain from the open.
Investors have been bidding up the company’s share price after a slew of market updates with the company aggressively expanding its footprint in Australia and abroad.
For instance, late last month, Aristocrat confirmed it had successfully completed an entitlement offer to raise approximately $1.3 billion via an institutional placement.
The funds will be used in the acquisition of London-listed gambling software and content supplier Playtech, a $5 billion company that reported revenue of $2.3 billion and EBITDA of $586 million in FY19.
Brokers were quick to jump on the case, with investment firm Morgans immediately increasing its price target on Aristocrat shares to $52.90.
This implies a further upside potential of around 8% from the current market price.
Computershare Ltd (ASX: CPU)
Shares in financial administration company Computershare also nudged past their 52-week high in early trading today. The Computershare share price is now at $19.44 after tipping a high of $19.51 earlier in the session.
Despite no market-sensitive information out of Computershare’s camp in the last month, investors were still happy to acquire a position in the company and send its shares 7% higher in that time.
Curiously, the company’s share price retreated in September, corresponding with the announcement its founder Chris Morris will leave the board effective from 11 November.
His replacement is John Nendick, an expert in financial modelling and accounting, according to Computershare.
It seems investors were impressed by the company’s swift response in finding a suitable candidate to take Morris’ position on the board.
And with Morris’ departure just a week away, investors have maintained the upward trajectory in Computershare’s share price today.
Bringing it all together, these three ASX shares are each compounding returns this week, which is sure to be of great pleasure to shareholders.
The post These three ASX shares smashed 52-week highs today appeared first on The Motley Fool Australia.
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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.