Although the market only managed to edge ever so slightly higher on Monday, it didn't stop a number of shares from continuing their rise.
In fact, a few shares even climbed to 52-week highs or better. Three shares which accomplished this feat yesterday are listed below. Here's why they are flying high:
The A2 Milk Company Ltd (ASX: A2M) share price stormed to an all-time high of $14.61 on Monday. Investors have been fighting to get hold of the infant formula and fresh milk company's shares since the release of another stunning half year result in February. During the half a2 Milk Company posted a 41% increase in revenue to NZ$613.1 million and a 55.1% lift in net profit after tax to NZ$152.7 million. Once again it was infant formula sales that drove the strong result. They increased by a sizeable 45.3% to NZ$495.5 million thanks to strong demand in China market. I would still be a buyer of its shares if you're planning to hold them for the long term.
The Fortescue Metals Group Limited (ASX: FMG) share price climbed to a multi-year high of $8.24 yesterday. The iron ore producer's shares have been on fire in 2019 thanks to a significant jump in iron ore prices and the narrowing of the discount that low grade iron ore trades at. This has been caused by supply disruptions in both Brazil and Australia. Some experts have tipped iron ore prices to continue their ascent during the second half of the year, which could make Fortescue one to watch.
The Nanosonics Ltd (ASX: NAN) share price reached an all-time high of $4.60 on Monday. The infection control specialist's shares have been on a tear this year after the release of a strong first half result in February. Nanosonics recorded first half sales of $40.7 million, which was an increase of 36% on the prior corresponding period. This was driven by increasing demand for its best-in-class trophon EPR product and strong sales of consumables. Whilst I think Nanosonics shares are looking expensive, I still think they would be a great buy and hold option due to the company's positive long term growth outlook.
