With the ASX 200 index breaking records this month, it will come as no surprise to learn that a number of shares are doing the same.
Three ASX 200 shares that have reached record highs today are listed below. Here's what's happening and why they may be rising:
Hub24 Ltd (ASX: HUB)
The Hub24 share price has hit a record high of $58.33 today.
This means the investment platform provider's shares are now up almost 75% since this time last year.
Earlier this week, Hub24 was added to the illustrious ASX 100 index. This may have driven demand for its shares from index funds and fund managers with strict investment mandates.
Last week, Morgan Stanley put an overweight rating and $62.00 price target on its shares. The broker appears to believe that this record high isn't the top for Hub24.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price has climbed to a record high of $24.40 on Tuesday.
It is another investment platform provider that has delivered big returns for investors. Since this time last year, Netwealth's shares have climbed 55%.
This has been driven by another strong performance in FY 2024 and its positive outlook.
Unfortunately, the broker community appears to believe this could be the peak for the time being. UBS, which is one of the most bullish brokers out there, has a buy rating but a $24.00 price target on it shares. This is now below where its shares are trading.
Newmont Corporation (ASX: NEM)
Another ASX 200 share that is hitting a record high on Tuesday is gold mining giant Newmont.
Its ASX-listed shares have reached a record high of $80.22. Though, the Newcrest Mining owner's NYSE listed shares still remain well short of the record high they reached in 2022.
This latest gain means that the ASX 200 gold stock is now up approximately 35% since listing on the Australian share market in October of last year.
Investors have been scrambling to buy the company's shares this year for exposure to the sky high gold price. The precious metal has also reached a record high, driven by falling interest rates and rising geopolitical tensions.
The good news for investors is that the gains may not be over. For example, earlier this month, analysts at Macquarie put an outperform rating and $90.00 price target on them. This implies potential upside of 12% from current levels.
