The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has moved into positive territory, up around 0.2% in afternoon trade on Tuesday with the market brushing off a negative lead from commodity-linked stocks.
Perhaps more importantly, today's market gains have helped the overall return of the index since the beginning of calendar year 2016 climb towards 1%.
Although that's certainly a lacklustre performance, at least it's better than a negative return!
The overall poor market returns are a reminder of the importance that stock picking can play for a portfolio.
For example, shares in the following seven companies have all recently hit fresh 52-week highs and have provided shareholders with double-digit returns in 2016.
Amcor Limited's (ASX: AMC) share price has hit a new 52-week high of $16.03, taking the total share price appreciation since the beginning of January to 19%.
Brambles Limited (ASX: BXB) has rallied 12.5% this calendar year and touched a new 52-week high of $13.14 today.
Corporate Travel Management Ltd (ASX: CTD) shares have today hit not just a 52-week high, but also a brand new all-time high of $15.47. The calendar year-to-date performance of the stock is up just over 17%.
JB Hi-Fi Limited (ASX: JBH) has recorded gains of over 25% this calendar year thanks to impressive operating results which I wrote about here. The stock has today hit a new all-time high of $24.61.
Infrastructure stocks have also been finding favour with investors. Both Sydney Airport Holdings Ltd (ASX: SYD) and Transurban Group (ASX: TCL) have climbed their way to fresh highs. Sydney Airport's shares have touched $7.29 today, taking total gains for 2016 to nearly 15%. Meanwhile, Transurban's share price has recently touched a high of $12.48 with gains of 18% this year.
Treasury Wine Estate Ltd (ASX: TWE) has also climbed its way into new territory today with the stock touching an all-time high of $10.32. For the calendar year the stock has risen 24%.
Foolish takeaway
Simply hitting a new 52-week high is certainly no reason to buy a stock. It is however a flag that a company enjoys positive market sentiment and momentum which could be a good place to look for companies with above average business growth prospects.
By remaining focused on fundamental value, a 'new highs' list can be a good source of idea generation for the growth investor.
