Owners of Wesfarmers Ltd (ASX: WES) shares, rejoice! The stock just roared to its highest point in more than 12 months this morning – peaking at $51.94.
Sadly, the stock wasn't able to keep a hold of its gains. The Wesfarmers share price is $51.27 right now, 0.45% lower than its previous close.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is back in the green right now, rising 0.05% to 7,239.7 points.
Interestingly, there's been no news to move the Wesfarmers share price in the last eight weeks. Indeed, the last time the market saw a price-sensitive release from the conglomerate was in mid-February when it dropped its earnings for the first half.
So, what might have helped launch the ASX 200 giant to long-forgotten highs today? Let's take a look.
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Wesfarmers share price posted new 52-week high
The Wesfarmers share price cracked its 52-week high earlier today. And it wasn't alone in doing so.
ASX 200 peers Qantas Airways Limited (ASX: QAN), Telstra Group Ltd (ASX: TLS), and Cochlear Limited (ASX: COH) have also surpassed the milestone in today's session.
Many of their respective peaks came as the index spiked in early morning trade to peak at 7,262.1 points – the highest it's been in more than four weeks.
Jumping alongside it was the Wesfarmers share price and the company's home sector – the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ).
Both the sector and the stock have gained around 13% so far this year. Though, the company is outperforming over the longer term.
Wesfarmers shares have gained 3.5% since this time last year, while the consumer discretionary sector has slumped around 0.9% and the ASX 200 has dumped 3.8%.
