The S&P/ASX 200 Index (ASX: XJO) is closing in on its pre-COVID record high of 7,160, currently sitting at 7,055.10.
These 3 blue chip ASX 200 shares have followed suit, recently breaking above pre-COVID highs and, in some cases, eyeing multi-year highs. Let's take a look.
ASX 200 shares breaking out into 52-week highs
Commonwealth Bank of Australia (ASX: CBA)
The Commonwealth Bank share price climbed 2.5% on Wednesday to $92.72, a 6-year high for the ASX 200 heavyweight, and has topped that again today, currently swapping hands for $92.76 a share.
While there has been no price-sensitive news out of the bank recently, its big four stablemate Australia and New Zealand Banking Grp Ltd (ASX: ANZ) recently released a positive set of half-year results. ANZ pointed to a number of factors for its strong earnings that also impact the broader banking sector, including an improving economic outlook.
The surging Australian property market has been as a key driver for the CBA share price in recent months. With the property market showing no signs of slowing down, evidenced by CoreLogic's monthly indices, there's the possibility that Commonwealth Bank could continue to benefit from increased lending activity.
Commonwealth Bank is expected to report its March quarter trading update later next week.
South 32 Ltd (ASX: S32)
The South32 share price has just managed to tip over its pre-COVID highs of $2.94. The diversified mining company has experienced a strong uplift across its commodities, including alumina, aluminum, coal, manganese, nickel, silver, lead and zinc. South32 shares are up another 1.80% at the time of writing to $3.01.
After releasing its March quarter production update, big brokers including UBS, Credit Suisse, Morgan Stanley, Ord Minnett, Macquarie and Citi were all buy-rated on South32 shares with an average target price of $3.26.
Telstra Corporation Ltd (ASX: TLS)
The Telstra share price has been on a bullish run since its lows of $2.70 in November 2020. There are several drivers behind the resurgence of Telstra shares, including the return of market-leading dividends, with its board reaffirming a 16 cents per share dividend for 2021 back in October last year.
Telstra previously announced its intentions on a new proposed legal restructure by December this year. As part of the plan, the company will establish a new holding company and separate subsidiaries – InfraCo Fixed, InfraCo Towers, ServeCo and Telstra International. The restructure is generally viewed as a potential near-term catalyst that could unlock significant value for Telstra shareholders.
Telstra shares closed at a 52-week high on Wednesday at $3.55. They've since dropped back in today's trade, currently siting at $3.48 per share.
