It's been a fairly disappointing day so far this Wednesday for many ASX 200 shares. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down by a chunky 0.39% to around 8,040 points. But let's talk about what's going on with ResMed Inc (ASX: RMD) shares.
In stark contrast to what is happening on the rest of the stock market, Resmed is having a whale of a time this Wednesday. The ASX 200 healthcare stock closed at $33.58 a share yesterday. But this morning, those same shares opened at $35.51 before rising to a new 52-week high of $35.57 just after midday.
At present, Resmed has cooled off a little, but remains up a hefty 4.94% at $35.24 a share.
So what's going on with Resmed stock today that has seen this confident jump higher?
Image source: Getty Images
Why has this ASX 200 stock just rocketed 5% to a new 52-week high?
Well, unfortunately, it's not entirely clear. Resmed has not made any recent announcements or released any news that can easily explain why investors are flocking to this ASX 200 healthcare stock. In fact, the company has not made any ASX filings since 19 August.
However, we can do some speculating here.
Unlike most ASX shares, Resmed has a dual-listing structure. That means its shares can be found on both the ASX, and on another stock market. In this case, that would be the New York Stock Exchange. Resmed's US listing – ResMed Inc (NYSE: RMD) – had a similarly bullish night in overnight trading (our time) on the American markets.
By the time NYSE trading wrapped up this morning, Resmed's US-listed stock had jumped a whopping 7.24% to US$242.25 a share. That was after hitting a new 52-week high of US$242.60 of its own during intra-day trading.
So this is probably why Resmed's ASX-listed stock has performed similarly in today's trading. Unfortunately, it's not clear why Resmed's American stock jumped so high, either.
This company's shares are often moved by a variety of news. It could be medical statistics in the field of sleep apnoea, which Resmed's products treat. It could be news or developments over the weight-loss drug Ozempic, which has swung the Resmed share price in the past. Or it could just be that a large investor has bought up a significant chunk of shares.
Whatever the reason for today's new 52-week high, Resmed investors will undoubtedly be in a celebratory mood.
ResMed share price snapshot
Resmed's latest high today is just the latest good piece of news for investors. This company is up a whopping 38.76% in 2024 to date and 39.2% over the past 12 months.
Resmed shares are also up more than 60% from the 52-week low of $21.14 that we saw in October last year. Check all of that out for yourself before you go:
