The S&P/ASX 200 Index (ASX: XJO) has been range-bound for the past few months, bouncing between 6,600 and 6950.
The index managed to push into a six-week high on Wednesday, attempting to break out of its trading range. Here are the ASX 200 shares riding the strength of the broader market and making record highs.
ASX 200 shares making 52-week highs
Brickworks Ltd (ASX: BKW)
The Brickworks share price has pushed into record territory riding the tailwinds of better than expected half-year results. Its shares briefly hit an all-time record high of $21.29 on Wednesday.
At face value, Brickworks’ half-year results were relatively flat with revenue falling 4% to $432 million and underlying net profit after tax down 10% to $90 million. However, from a broker perspective, these results beat expectations with the company’s property portfolio delivering a far stronger performance.
Codan Ltd (ASX: CDA)
The Codan share price is the gift that keeps on giving. The metal detector and communication electronics company has announced a stream of positive news in the past few months.
This includes a profit upgrade back in December 2020, the acquisition of Domo Tactical Communications in February 2021, an outstanding half-year results announcement during the February reporting season and another acquisition this month. Its acquisitions are both earnings accretive for FY21 and complement Codan’s core business segments.
EML Payments Ltd (ASX: EML)
Things seem to have just clicked for the EML share price in 2021. Its shares spent most of 2020 below their pre-COVID highs, chopping back and forth as shopping centre closures across Europe and the United States affected its core gift cards business.
Its shares are on the comeback as revenues pivot into general-purpose reloadables such as gaming payouts, salary packaging and commission payouts. The company’s half-year results highlight its versatility despite challenging business conditions for gift cards. Its interim results highlighted a solid 61% increase in revenue to $95.3 million and a $30% increase in net profit after tax and amortisation to $13.2 million.
On Wednesday, the EML share price surged to record all-time highs after the announcement of its acquisition of Sentenial Limited. Its shares briefly touched $5.80, briefly surpassing its pre-COVID high for the first time.
Premier Investments Ltd (ASX: PMV)
Soaring profits have pushed the Premier Investments share price to new highs. The company reported a 7.2% increase in global sales to $784.6 million and an 88.9% surge in net profit after tax to $188.2 million for the period of 27 weeks ended 30 January 2021.
This was driven by record sales from its boutique sleepwear business, Peter Alexander, and an uplift in margins.
Reece Ltd (ASX: REH)
Reece is another ASX 200 share that’s pushing into record territory after a solid set of half-year results. The leading supplier of bathroom and plumbing products delivered a 4% increase in sales revenue to $3,074 million while stronger margins saw its net profit after tax increase 17% to $123 million.
The Reece share price surged 4.83% on Wednesday, closing at an all-time record high of $18.88.
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Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends EML Payments. The Motley Fool Australia owns shares of and has recommended Brickworks and Premier Investments Limited. The Motley Fool Australia has recommended EML Payments. 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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