The Australian share market is on a very positive run at the moment and has just hit a 13-month high.
Unsurprisingly, this has led to a number of shares climbing to 52-week highs or better. Three that have achieved this milestone are listed below. Here's why they are on fire right now:
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Codan Limited (ASX: CDA)
The Codan share price hit a record high of $18.38 on Friday. Investors have been fighting to get hold of the electronic products company's shares over the last 12 months thanks to its impressive performance in FY 2020 and so far in FY 2021. This strong performance has been underpinned by strong demand for metal detectors following the release of new products and the high gold price. In addition to this, Codan has made a series of acquisitions that have boosted and diversified its earnings. This includes the acquisition of US-based Domo Tactical Communications for $114 million and Zetron, Inc. for US$45 million.
Galan Lithium Ltd (ASX: GLN)
The Galan Lithium share price climbed to a record high of 82 cents at the end of last week. A number of promising developments have given this lithium developer's shares a huge lift in 2021. One of those was last month when the company announced that the testing of a new process has resulted in higher grade lithium product. In fact, management revealed that its end product is the same quality as that of nearby mining giants SQM and Albemarle. Galan's Managing Director, Juan Pablo Vargas de la Vega, said: "These results are better than we envisaged and have more than solidified the serious potential of the Hombre Muerto West project." A favourable outlook for lithium prices and demand has also given its shares a lift.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price rose to a 52-week high of 59 cents on Friday. Investors have been buying the pharmaceutical company's shares on the belief that it is over the worst of its issues now. Particularly given the launch of new and potentially lucrative products. One of the those is a new female contraceptive. Last week Mayne Pharma announced US FDA approval for the product. It intends to launch the novel combined oral contraceptive in June and estimates that it has a US$3.6 billion opportunity in the United States.
