Christmas highs: 3 ASX 200 shares hitting record highs today

These 3 ASX shares have stood out and set new record highs today.

| More on:
red arrow representing a rise of the share price with a man wearing a cape holding it at the top

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The benchmark S&P/ASX 200 Index (ASX: XJO) is rangebound today and is currently in the green at 7,510.0 points. Several majors in the broad index have had a rough time lately, whereas others have flourished to close out the year.

Nonetheless the broad market has rallied off a low in December and looks set to finish the trading year on a high after relentlessly setting a series of new highs in 2021.

With this momentum in situ, these 3 ASX 200 shares each started the day well on Thursday, nudging past their record highs.

Allkem Ltd (ASX: AKE)

Shares in Allkem are inching higher today and are less than 1% in the green at $10.44 apiece. Although in the past week, investors have thrust its share price northwards following a feasibility study and Maiden Ore Reserve release for its James Bay Lithium Project in Canada.

In the announcement, Allkem says the study and ore results afford an approximate 2.5x increase in Net Present Value (NPV) on the site from the preliminary economic assessment that was released in March 2021. This bodes in well for the company’s valuation.

Construction is now planned to commence towards the end of 2022 with commissioning in Q1 2024, after certain criteria are satisfied.

Allkem says the move positions the company in markets “located in proximity to high-growth electric vehicle markets in North America and Europe”.

Today’s gain builds on an extended run into the green that Allkem shares have been on since early December, having bounced off a low of $8.51 to start the month.

UBS, Macquarie and JP Morgan reckon that Allkem is a buy right now, each valuing the company at $10.75, $13.60 and $12 per share respectively.

Macquarie Group Ltd (ASX: MQG)

Shares in investment banking giant Macquarie eclipsed the illustrious $200 per share mark in 2021 and have continued the strength to trade at $206.85 at the time of writing.

Earlier in the session on Thursday, Macquarie shot past its previous record and established a new all-time high at $208.60 before retracing back down to its current levels.

Macquarie’s Commodities and Global Markets (GCM) division has already delivered a 60% year-on-year growth in net profit after tax (NPAT) contribution in the first half.

Further, both the firm and experts covering its share price are adamant Macquarie Investment Management (MIM) will benefit from the Waddell & Reed acquisition coming into the new year.

The vast majority of analysts covering the stock have it as a buy. JP Morgan reckons Macquarie is worth $214 whereas Morgan Stanley has the bank as a buy at a $245 price target.

Considering its fundamental this year and the earnings growth planned on the horizon, the market is bullish on Macquarie as well right now, helping carry its share price to new record highs.

Reece Ltd (ASX: REH)

Shares in plumbing and refrigeration supplies giant Reece also cruised past their record high today, reaching an intraday high of $27.48 in early trading.

It’s been fairly quiet out of Reece’s camp lately, with its last major update confirming it had completed a round of debt refinancing.

Prior to this however, the company released its first-quarter sales update for FY22 in October. This gave investors something to bite their teeth into, seeing as sales revenue grew to $1.77 billion for Q1, a 13.2% increase on the year prior. The bolus of growth was underscored by ANZ and United States sales expansion of 9% and 18.6% respectively. 

Despite unpredictable “inflation dynamics, supply chain disruptions together with tight labour markets and wage inflation” Reece expects it will “accelerate in Q2 and persist for the balance of FY22”.

With this in mind, the company envisions 1H FY22 EBITDA to fall in a range of 8% to 11% higher than the previous year’s 1H result of $349 million.

The market likes these projections from the plumbing giant, and investors have piled into Reece thereby shooting its share price up by over $9 per share since it released its first half results.

With the ASX about to fulfil its penultimate session for 2021 today, these 3 ASX 200 shares have closed out the year on a high.

The author has no positions in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Record Highs

share price ASX mining shares buy coal miner thumbs up
Record Highs

Why did the Whitehaven Coal share price just hit an 11-year high?

Whitehaven shares have been on fire in 2022.

Read more »

a man in a supermarket strikes an unlikely pose while pushing a trolley, lifting both legs sideways off the ground and looking mildly rattled with a wide-mouthed expression.
Consumer Staples & Discretionary Shares

The Coles share price just smashed its all-time high. Here’s why

Coles shares just hit a new record high.

Read more »

An older man in a cowboy hat makes a trade on his phone while leaning up against the horse stall.
Record Highs

Amid today’s sell-off, guess which ASX All Ordinaries share just hit an all-time high

This stock is defying today's downturn.

Read more »

A young kid with dark glasses rocks out with a guitar.
Share Gainers

3 ASX 300 shares rocking new 52-week highs on Thursday

Which three shares hit multi-year highs today? Let's take a look.

Read more »

Agricultural ASX share price on watch represented by farmer in field looking at tablet computer.
Record Highs

What’s driving the Graincorp share price to all-time highs?

2022 has so far been good to the agribusiness' stock.

Read more »

Three children wearing athletic short and singlets stand side by side on a running track wearing medals around their necks and standing with their hands on their hips.
Record Highs

Despite today’s sell-off, these 3 ASX 300 shares are topping all-time highs

These 3 standouts have set the pace today.

Read more »

An older man with white hair in an Elvis-style white suit rocking out.
Record Highs

3 ASX All Ordinaries shares rocking all-time highs today

These ASX All Ords shares had a day to remember today...

Read more »

Man with rocket wings which have flames coming out of them.
Resources Shares

Lithium boom: Allkem share price hits record high on Q3 update

Allkem shares are on fire again today...

Read more »