The S&P/ASX 200 Index (ASX: XJO) may have tumbled lower on Tuesday but that didn’t stop a number of shares from pushing higher.
In fact, a few even managed to climb so much they reached 52-week highs or better.
Three ASX shares that are flying high right now are listed below. Here’s why they are on form:
Orocobre Limited (ASX: ORE)
The Orocobre share price hit a two-year high of $4.33 on Tuesday. Investors have been buying the lithium miner’s shares in recent months after the price of the battery making ingredient started to recover after a significant weakening in prices over the last couple of years. This rebound in lithium prices is being driven by optimism over electric vehicle adoption. One broker that still believes the Orocobre share price can go higher is UBS. It recently put a buy rating and $4.90 price target on its shares.
Reece Ltd (ASX: REH)
The Reece share price climbed to a record high of $15.93 yesterday. Investors have been buying the plumbing parts company’s shares this year thanks to its strong performance during FY 2020. For the 12 months ended 30 June, Reece delivered a 10% increase in sales revenue to $6,010 million and a 19% lift in net profit after tax to $202 million. This was driven largely by strong growth from its US business. In addition to this, the Reece share price was given a lift this week when S&P Dow Jones Indices revealed that Reece would be added to the ASX 200 at the next quarterly rebalance.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price hit a new record high of $51.64 on Tuesday. The catalyst for this has been the company’s very positive performance during the pandemic. After delivering a solid result in FY 2020, Wesfarmers is on course for more of the same in FY 2021. A recent trading update reveals that it achieved strong sales growth across the business during the first four months of the financial year. The key Bunnings business was a highlight, delivering a 25.2% jump in sales during the period. This was driven partly by customers spending more time undertaking projects around the home. Also giving the Wesfarmers share price a boost was a note out of Credit Suisse this week. Its analysts retained their outperform rating and lifted the price target on Wesfarmers’ shares to $55.83.
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Returns as of 6th October 2020
More reading
- Why Amaysim, Orocobre, Pacific Smiles, & Xero shares are pushing higher
- Wesfarmers (ASX:WES) share price is on fire, up 3% to reach all-time high
- Why the Webjet (ASX: WEB) share price is climbing higher
- Leading brokers name 3 ASX shares to buy today
- ASX 200 Weekly Wrap: ASX 200 hits a 6! Thank iron ore
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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