With the Australian share market closing in on its all-time high, a number of shares have been making highs of their own recently.
Three shares that have just reached 52-week highs or better are listed below. Here's why they are on the rise:
The Aventus Group (ASX: AVN) share price stormed to a two-year high of $2.51 at the end of last week. Aventus is an owner and operator of 20 large format retail centres (retail parks) across Australia. This format has proven very popular with consumers and has led to Aventus enjoying a sky high occupancy rate again in FY 2019. This strong performance and the increasing demand for income options due to the cash rate cuts are largely behind its solid share price rise since the start of the year.
The Codan Limited (ASX: CDA) share price rose to a multi-year high of $3.77 last week. Investors have been scrambling to buy the electronic products manufacturer's shares this year thanks to its stronger than expected performance and the recent spike in the gold price. The latter could mean increasing demand for its leading gold detectors and underpin another strong result in FY 2020. This year management expects the company to deliver a full year underlying net profit after tax in the range of $42 million to $45 million, which is notably higher than its previous expectations.
The REA Group Limited (ASX: REA) share price climbed to an all-time high of $100.81 on Friday. This latest gain was triggered by news that APRA has decided to remove the 7% serviceability buffer with immediate effect. Combined with tax cuts and signs that the housing market has bottomed, this could lead to house prices bouncing back in the near future. If this were to occur, it would almost certainly mean increasing volumes for this property listings company. This could lead to an acceleration in REA Group's profit growth.
