On Tuesday the S&P/ASX 200 index fought back from a weak start to finish the day with a 0.3% gain to 6,695.3 points.
With investor sentiment continuing to improve, it will come as no surprise to learn that a good number of shares have just hit 52-week highs or better.
Three that have just achieved this feat are listed below. Here's why they are on a high:
The Bellamy's Australia Ltd (ASX: BAL) share price climbed to a 52-week high of $13.03. Investors have been scrambling to buy the infant formula company's shares this week after it received a takeover approach from Hong Kong-listed China Mengniu Dairy Company. The leading Chinese dairy product manufacturer tabled a $13.25 per share offer, valuing Bellamy's at $1.5 billion. The offer has been recommended by the Bellamy's board, subject to no higher bids being made and the independent expert's report. The deal will also need FIRB approval.
The Codan Limited (ASX: CDA) share price jumped to a multi-year high of $5.08 on Tuesday. The electronic products manufacturer's shares have been on fire this year thanks to its strong performance in FY 2019. During the 12 months the company reported a 17.8% increase in sales to $271 million and a 15% lift in adjusted net profit of $46 million. This was driven partly by strong metal detector sales due to a rise in the gold price and a positive outlook for the precious metal due to falling rates.
The National Australia Bank Ltd (ASX: NAB) share price continued its positive run and reached a 52-week high of $29.34. Investors have been buying bank shares this month after positive trends emerged in the housing market. According to data from the Australian Bureau of Statistics, the value of new loans issued to households increased by a sizeable 3.9% to $32 billion in July. This was the biggest increase in almost five years. As the banks generate a good portion of their profits from home loans, this bodes well for NAB's earnings and dividends.
