The Australian share market may have dropped off a touch this week, but that hasn't stopped a number of shares from continuing their charge.
Three shares that reached 52-week highs or better this week are listed below. Here's why they have reached these milestones:
The Botanix Pharmaceuticals Ltd (ASX: BOT) share price rocketed to an all-time high of 26 cents on Tuesday. Investors have been scrambling to get hold of the clinical stage cannabinoid company's shares this year thanks to the positive results of both its BTX 1308 and BTX 1801 studies. The BTX 1308 product has proven to have significant anti-inflammatory and immune modulating activity in skin disease, whereas the BTX 1801 antimicrobial product has proven effective against a range of problematic human and animal bacteria. These results bode very well for its potentially lucrative acne and atopic dermatitis products which are also under development.
The Jumbo Interactive Ltd (ASX: JIN) share price continued its remarkable run and hit a new all-time high of $21.24 yesterday. Investors have been buying the lottery ticket seller's shares this year due to its strong performance in FY 2019 and increasingly positive outlook thanks to its software-as-a-service business. In the first half of FY 2019 Jumbo recorded a 140% increase in net profit after tax from continuing operations to $12.7 million. In light of this stronger than expected half, management lifted its full year guidance for net profit after tax to $24.2 million. This will be a year on year increase of 107%.
The Megaport Ltd (ASX: MP1) share price hit a record high of $6.98 on Tuesday before finishing the day slightly lower. The provider of elastic interconnection services across data centres globally has caught the eye of investors this year thanks to the expansion of its network and the increasing demand for its service. In its most recent third quarter results, Megaport revealed a 7% quarter on quarter increase in customer numbers to 1,367 and an 8% quarter on quarter lift in revenue to $8.96 million. The good news for shareholders is that with the cloud computing boom continuing to accelerate and Megaport's footprint growing fast, it appears well-placed to continue this solid growth for some time to come.
