These 3 ASX shares hit new 52-week highs today

We take a look at some ASX shares enjoying a very happy new year…

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As Aussies rang in the new year with their own 2022 resolutions, these 3 ASX shares decided some record-high prices would be the first order of business.

Investors that snapped up these producers and retailers will be pleased.

Let’s take a look…

Graincorp Ltd (ASX: GNC)

Graincorp Limited (ASX: GNC) is an Australian agribusiness and processing company operating primarily in grain and oilseed storage.

In addition to grain, infant formula products, and wood chips, this ASX share also has a recycling interest — it has interests in turning cooking oil into biofuel products and is invested in making eco-friendly animal feed derived from seaweed.

With strong global demand for Australian grain, the Graincorp share price performed exceptionally well last year — successfully finding markets outside China following the landslide of import bans on Australian products earlier last year.

At the start of January 2021, the Graincorp share price was $4.22. At the close of trading today, shares were swapping hands for $8.42 apiece — an increase of almost 100%.

The Graincorp share price was up 2% on the day to a new 52-week high.

Michael Hill International Ltd (ASX: MHJ)

Next up, the Michael Hill International Ltd (ASX: MHJ) share price hit the 52-week-high record bell again today, just a week after its previous record.

In fact, Michael Hill shares hit $1.53 just after opening — an almost 11% increase from their previous closing price on New Year’s Eve.

The pandemic seems to have not deterred shoppers — in its most recent announcement, this ASX share detailed strong sales through the recent holiday period despite the onset of the new COVID-19 variants.

And it’s not only foot traffic — the jeweller saw its website traffic go up by 35%, and its digital sales increase by more than 50%, up to almost $35 million.

As such, the company anticipates its first half-year results to be higher than that of last year.

All in all, the jeweller has seen a stellar 2021, shooting up around 110% since this time last year.

The Michael Hill share price closed today up 6.16% at $1.47.

Reece Ltd (ASX: REH)

Last but not least is the Australian-based plumbing and bathroom supplier, Reece Ltd (ASX: REH).

Just like the other ASX share gainers, Reece experienced a new record today following its previous 52-week-high achieved only last week.

At the market close, the Reece share price was up 3.4% at $27.95.

Reece hit its highest point at 11am, experiencing an increase of 3.9% from the previous closing price.

Last week’s holiday jump came off the back of a fairly quiet few weeks of news from this company.

However, back in October, it released a Q1 FY22 update, showing sales revenue of $1.7 million for the first quarter, an increase of 13% from the previous corresponding period.

Overall, in the last 12 months, the Reece share price has jumped 83%.

The retailer has a market capitalisation of more than $18 billion and a price-to-earnings ratio (P/E) of 69.28.

Should you invest $1,000 in Graincorp right now?

Before you consider Graincorp, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Graincorp wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

Motley Fool contributor Alice de Bruin has no position 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 no position in any of the stocks mentioned. 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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