Rising bond yields have triggered much of the market’s recent volatility and weakness across tech and growth-related sectors. At the moment it feels like the market’s taking one step forward and one step back. However, these ASX 200 shares are seemingly unphased by potentially higher interest rates and making new highs.
ASX 200 shares making 52-week highs
Australia and New Zealand Banking Group Ltd (ASX: ANZ)
The ANZ share price has clawed its way back to pre-COVID levels. The gruelling COVID sell-off saw the ANZ share price lose 48% of its value between 21 February and 23 March last year. To recoup those losses, the ANZ share price has almost doubled in just one year.
Bank’s earnings during the February reporting season was solid. Citi Bank cited that revenue grew positively. This was driven by lower funding costs and higher deposit margins. Meanwhile, a sizable fall in bad debts was occurring earlier than expected.
BHP Group Ltd (ASX: BHP)
The gravity-defying iron ore spot price has managed to stay near 9-year highs of US$170 per tonne. This has been supported by a resumption in Chinese buying interest after its mid-February Lunar New Year holidays. This has helped the BHP share price not only make 52-week highs but an almost 10-year high of $50.80 last week.
Rio Tinto Ltd (ASX: RIO)
If the BHP share price is soaring into 10-year highs, then the Rio Tinto share price will follow suit. Rio Tinto briefly hit $130.30 on Tuesday, marking a new all-time record high.
Despite the outperformance of ASX iron ore miners, sceptics are concerned that iron ore prices could cool down in the short-medium term.
The surge in iron ore prices has been supported by supply-side challenges from the world’s largest iron ore producer, Vale. Vale has been fraught with production challenges including a dam disaster in January 2019 and was forced to close multiple mine sites throughout 2020 due to the rapid spread of COVID in Brazil.
Brazilian exports are coming back online, with exports increasing by 10.9% in February compared to the corresponding month in 2020.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
Of all ASX 200 shares, you wouldn’t expect Nine Network to be making 52-week highs. However, the business is reaping rewards of its digital transformation and continued strength within its traditional lines of businesses such as free-to-air television, publishing, and radio.
The company’s half-year results announced on 24 February highlight its net profit after tax doubling from $87.3 million to $181.9 million. It cited strong audience results across all platforms while its streaming platforms Stan and 9Now delivered strong double-digit growth.