As the first trading day of the new year gathers pace, scores of ASX 200 stocks are starting the year at peak valuations, recording new 52-week highs in the first few hours of trading on Tuesday.
At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is up 0.47% to 7,626.7 points.
6 ASX 200 stocks smashing 52-week peaks today
Commonwealth Bank of Australia (ASX: CBA)
The Commonwealth Bank share price is currently $113.15, up 1.2% for the day so far. This is a new 52-week high for the ASX 200 bank stock. CBA shares experienced strong gains in the Santa Rally over November and December last year. This is likely related to expectations of a soft landing for both the Australian and United States economies in 2024. In December, the US Fed Reserve revealed that the timing of rate cuts was discussed at the last meeting of the Federal Open Market Committee (FOMC).
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price is currently $57.53, up 0.86% for the day so far. The ASX 200 conglomerate hit a new 52-week high of $57.55 in earlier trading. At last year's annual general meeting, Wesfarmers said the strong value proposition offered by its flagship businesses of Bunnings and Kmart positioned it well to attract new customers and grow its market share during today's cost-of-living crisis.
REA Group Ltd (ASX: REA)
The REA share price is currently $184.44, up 1.82% for the day so far. The ASX 200 property web listings provider hit a new 52-week high of $186 this morning. REA shares are benefitting from surprising strong gains in the Australian property market over 2023 despite interest rates continuing to rise. The company reported a 12% increase in revenue in 1Q FY24 to $341 million. Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 13% to $198 million.
Cochlear Limited (ASX: COH)
The Cochlear share price is currently $300.95, up 0.76% for the day. The ASX 200 healthcare stock hit a new 52-week high of $303 in earlier trading. This is the first time in Cochlear's history that the share price has crossed the $300 threshold. The hearing implants business reported a 10% increase in underlying net profit to $305 million in FY23 and is forecasting 16% to 23% growth in FY24.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price is currently $53.74, up 1.34% for the day so far. Stock in the ASX 200 retail titan hit a new 52-week high of $53.76 this morning. Despite high inflation and interest rates, JB Hi-Fi had a strong run over 2023, although there were many fluctuations reflecting consumer uncertainty, as shown below.
Fortescue Ltd (ASX: FMG)
This ASX 200 iron ore giant is currently trading for $29.22 per share, up 0.69% for the day. This is a new 52-week high for the iron ore pure-play. Fortescue is benefitting from strong recent gains in the iron ore price amid new economic stimulus measures being implemented in China to encourage new infrastructure and manufacturing investment.
Here are some other ASX 200 stocks reaching 52-week highs on Tuesday.
| ASX 200 stocks | 52-week high reached today |
| Goodman Group (ASX: GMG) | $25.40 |
| James Hardie Industries plc (ASX: JHX) | $57.56 |
| Reece Ltd (ASX: REH) | $22.60 |
| Seven Group Holdings Ltd (ASX: SVW) | $37.47 |
| Boral Limited (ASX: BLD) | $5.45 |
| Champion Iron Ltd (ASX: CIA) | $8.55 |
| Ampol Ltd (ASX: ALD) | $36.53 |
| CAR Group Ltd (ASX: CAR) | $31.82 |
