Although the Australian share market has sunk notably lower this week, that hasn't stopped some shares from pushing higher.
The three ASX shares listed below have even managed to climb to 52-week highs or better.
Here's why they are flying high this week:
Adairs Ltd (ASX: ADH)
The Adairs share price rocketed to a 52-week high of $2.20 on Wednesday. Investors were scrambling to get hold of the homewares retailer's shares after it announced a major acquisition. Adairs has entered into a binding agreement to acquire online retailer Mocka Limited for a notional initial enterprise value of ~NZ$80 million (A$75.5 million). Mocka operates online homewares websites in both Australia and New Zealand. This addition is expected to be highly accretive to earnings and will lift its online sales to a total of ~29% of overall sales. Adairs is funding the deal through a combination of debt and the issue of shares.
Aventus Group (ASX: AVN)
The Aventus share price hit an all-time high of $2.91 yesterday. This latest gain means that the shares of the owner and operator of large format retail centres across Australia are now up 36% since the start of the year. A combination of its solid form and demand for income shares is largely behind its stellar rise. A recent annual general meeting update revealed that Aventus expects its funds from operations (FFO) per security to grow by 3% to 4% to 19 cents to 19.2 cents in FY 2020. As a result, it expects to pay a distribution of 17.1 cents per security this year, up 3% on the prior period. This equates to a 5.9% yield.
Select Harvests Limited (ASX: SHV)
The Select Harvests share price pushed higher again on Wednesday and hit a multi-year high of $8.48. Investors have been buying the almond producer's shares this week following the release of its full year results on Friday. In FY 2019 Select Harvests achieved EBITDA of $95.2 million and a net profit after tax of $53 million. This compares to EBITDA of $51.7 million and NPAT of $20.4 million in FY 2018. One broker that liked what it saw was UBS. In response to its results, UBS reiterated its buy rating and $9.10 price target on the company's shares.
