Although the local market failed to climb higher yesterday, that didn't stop a number of shares from racing to new 52-week highs.
Three shares which stood out are listed below. Can they go higher?
The Orora Ltd (ASX: ORA) share price rose to a 52-week high of $3.20 on Wednesday, bringing its six-week return to in excess of 16%. The catalyst for this gain was the release of a solid full-year result from the packaging company in August which revealed a 14.4% lift in net profit after tax. Furthermore, investors appear pleased that management expects strong growth again in FY 2018 thanks to the benefits of the Orora Visual business, organic growth, and investments in innovation. While I think Orora's shares are trading at about fair value now, it could still be a good buy and hold investment option at the current share price.
The PUSHPAY FPO NZX (ASX: PPH) share price hit an all-time high of $2.14 yesterday. The market appears to have been impressed with the progress the payment solutions company has made in the U.S. market. In FY 2017 Pushpay processed 6.1 million transactions, 221% higher than a year earlier. This led to the company reporting an annualised monthly payment transaction volume of US$1.8 billion. If Pushpay continues to grow at this rate then I think there is significant upside potential for its shares in the future.
The Worleyparsons Limited (ASX: WOR) share price reached a 52-week high of $13.90 on Wednesday. Investors have been fighting to get hold of the engineering company's shares this year after there were signs that capital expenditures across the local mining services industry were rebounding. Thanks to its hard work on cost-savings I think Worleyparsons is in a position to deliver bumper earnings growth next year if industry capex does improve as expected.
