On Wednesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) failed to follow the lead of international markets and dropped lower by 0.25% to 6,063.6 points.
This decline didn't stop a number of shares from climbing higher. A few even managed to climb to 52-week highs or better.
Three that achieved this are listed below. Here's why they are on fire right now:
The BHP Group Ltd (ASX: BHP) share price reached a 52-week high of $36.43 before closing the day lower. Investors have been fighting to get hold of the mining giant's shares after iron ore prices surged higher following the dam disaster in Brazil at Vale's iron ore operation. Iron ore prices surged higher amid concerns that supply could be impacted significantly. While I think BHP's shares look about fair value now, I think they would still be a good long term investment due to the high levels of free cash flow being generated by its operations, favourable commodity moves, and robust balance sheet.
The Pro Medicus Limited (ASX: PME) share price continued its stellar run and closed the day at an all-time high of $14.00 on Wednesday. Pro Medicus is a leading provider of radiology information systems (RIS), picture archiving and communication systems (PACS), and advanced visualisation solutions to healthcare organisations across the globe. Investors appear to believe the company is well-positioned to grow at a strong rate over the next decade due the quality of the product, recent deals with highly respected healthcare institutions, and its significant market opportunity.
The Zip Co Ltd (ASX: Z1P) share price hit a 52-week high of $1.32 today. Investors appear to have been impressed at the strong growth that the payments company has achieve over the last 12 months and its new partnerships with major retailers. In respect to the latter, on Tuesday Zip Co announced that it has signed a partnership with CW Retail Services Pty Ltd, the owner of Chemist Warehouse. The partnership will see Zip offer its interest-free payments to the customers of Australia's largest pharmacy retailer in store and online within the next few months.
