On Monday the S&P/ASX 200 index had a subdued start to the week. It climbed 2.2 points to end the day a fraction higher at 6,735.70 points.
A number of shares on the local market performed much stronger. In fact, some even managed to climb to 52-week highs or better.
Here's why these three ASX shares are on a high right now:
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price hit an all-time high of $3.82 on Monday. Investors have been fighting to get hold of the property listings company's shares in recent months after major improvements in the housing market. This was particularly the case in the December quarter when the value of Australian houses grew the most over a three-month period in a decade. This could bring more houses onto the market and drive strong demand for listings.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price stormed 8% higher to a record-high of $5.33 yesterday. The corporate bookmaker's shares have been in demand with investors thanks to an impressive start to FY 2020, its promising expansion into the United States, and a successful $122 million entitlement offer. During the first quarter PointsBet delivered a 138% increase in turnover to $235.8 million thanks to strong growth in Australia and the United States. The latter side of the business looks set to be given a boost in the near term. On Monday PointsBet revealed an agreement that will see it offer online and mobile sports wagering and gaming in the State of Michigan. This is contingent upon obtaining the necessary regulatory licenses.
Santos Ltd (ASX: STO)
The Santos share price climbed to a multi-year high of $8.65 on Monday. Investors have been buying the energy producer's shares over the last 12 months thanks to its increasing production following the US$1.39 billion acquisition of ConocoPhillips' natural gas fields in northern Australia. In addition to this, a recent surge in oil prices due to rising tensions in the Middle East has been very supportive of its shares.
