Trade war tensions may have led to the Australian share market tumbling notably lower on Monday, but not all shares dropped with it.
In fact, a few shares even managed to climb to 52-week highs or better.
Three ASX shares that reached this milestone yesterday are listed below. Here's why they are on a high right now:
The Amcor Limited (ASX: AMC) share price climbed to an all-time high of $16.57 on Monday. The packaging company was given a major boost last week when shareholders voted in favour of its $9.7 billion acquisition of Bemis Company. This appears to make the potentially transformational acquisition a mere formality now. Many in the market believe the cost synergies will lead to the acquisition being highly accretive to earnings.
The Bailador Technology Investments Ltd (ASX: BTI) share price reached a new high of 94 cents yesterday. Bailador Technology Investments is a growth capital fund which provides investors with exposure to a portfolio of information technology companies with global addressable markets. It invests in private technology companies which are at the expansion stage of their lifecycle. Investors may have been buying its shares on the belief that they are severely undervalued. After all, at its last update, its NTA per share was $1.11 post tax.
The Bubs Australia Ltd (ASX: BUB) share price rocketed 22% higher to a record high of $1.62 on Monday. Investors were fighting to get hold of the infant formula company's shares after it made yet another positive announcement. This time the company revealed that it has expanded into cow milk infant formula with an organic grass-fed range. As cow milk formula represents 95% of the Australian formula market, I feel this was a smart decision by management and I can't say I'm surprised to see its shares storm higher.
