ASX stocks demonstrating strength, trading at their 52 week high

These shares are at their 52-week highs due to strong business updates, new contracts and better earnings outlook.

DXN Limited (ASX: DXN)

on 9 June 2026, declared that it had raised A$7.0 million through a placement to sophisticated institutional investors at A$0.13 per share. The money will be used to build and deliver its new AI HPC project, grow its manufacturing capacity in Southeast Asia and support future business growth opportunities.

On 3 June 2026, DXN announced its maiden AI HPC contract valued at A$8.8 million with a US listed neo cloud operator. The agreement covers the design, engineering, manufacture, commissioning and delivery of a 1.36MW modular AI data centre. The project is expected to be commissioned within six months with potential follow-on opportunities exceeding USD$200 million over the next one to two years.

In its March 2026 quarterly update, DXN reported revenue of A$3.7 million, cash of A$2.0 million and a total backlog of A$10.4 million. The project pipeline grew to 891 opportunities and Q4 began with a ~A$5.3 million contract from a global internet company.

Mastermyne Group Ltd (ASX: MYE)

on 20 May 2026, shared that FY26 revenue is expected to be at the top end of $220m–$230m and EBITDA at $17.0m–$18m. Unaudited revenue to 30 April 2026 was $193.3m with 1H FY26 revenue of $108.9m and EBITDA of $8.3m. Net cash was $36.9m at the end of April 2026.

The company reported an order book of $461m, including about $50m from Anglo American contracts. It also has a $1.3bn pipeline, with $593m expected to convert in the next 12 months. Strong activity in strata consolidation and mining services helped second-half performance, while earlier supply issues in March–April improved later.

Mastermyne operates across mining services, strata consolidation, and products. It provides labour, technical support, safety systems and specialist materials used in underground coal mining. Growth is driven by strong client relationships, new work and expansion of services, supported by solid cash position and ongoing demand in the sector.

Challenger Limited (ASX: CGF), 

on 18 June 2026, informed that it has signed a binding deal to merge its Fidante funds management business with Channel Capital. Fidante manages $86bn in funds across equities, fixed income and alternatives. After the merger, the new Channel Group will oversee about $150bn in assets with Fidante continuing as a separate brand.

Challenger will hold 45% of the new group and may receive up to $172m in cash, while the rest will be owned by Channel Capital shareholders and management. A pre-tax gain of about $100m is expected in FY27. The merger is planned to complete in the first half of FY27, with transition support for up to 24 months.

The company also outlined its strategy, focusing on retirement income growth in Australia, investment capabilities, and technology upgrades. It is targeting FY26 EPS of 66–70 cents and positioning for long-term growth driven by ageing population trends and expanding retirement product demand.

(Source: Company Report)