It's been a rough session for the S&P/ASX 200 Index (ASX: XJO) and many ASX 200 shares so far this Tuesday. At the time of writing, the ASX 200 has retreated by a hefty 0.4% and is back under 8,240 points.
But the broader market's fall hasn't stopped more than a dozen ASX 200 shares from hitting new 52-week highs this Tuesday. Those do include some of the ASX bank shares, but we've already discussed these highs extensively here at the Fool.
So here are 12 non-bank stocks that are also scaling new heights this session.
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12 ASX 200 shares at new 52-week highs this Tuesday
| ASX 200 share |
New 52-week high* |
| HMC Capital Ltd (ASX: HMC) | $11.20 |
| JB Hi-Fi Ltd (ASX: JBH) | $87.71 |
| Zip Co Ltd (ASX: ZIP) | $3.51 |
| TechnologyOne Ltd (ASX: TNE) | $26.66 |
| QBE Insurance Group Ltd (ASX: QBE) | $18.74 |
| Pro Medicus Limited (ASX: PME) | $205.74 |
| REA Group Ltd (ASX: REA) |
$240.40 |
| Brambles Ltd (ASX: BXB) |
$19.52 |
| Seven Group Holdings Ltd (ASX: SVW) |
$44.81 |
| Xero Ltd (ASX: XRO) |
$161.66 |
| Life360 Inc (ASX: 360) |
$24.64 |
| Telix Pharmaceuticals Ltd (ASX: TLX) |
$23.99 |
*at the time of writing
What can these new 52-week highs tell us?
Most of these stocks don't have any direct news we can point to explaining their new highs. However, sifting through these ASX 200 shares, some patterns can be spotted.
First of all, many of these ASX 200 shares are tech stocks, or at least companies that often move in line with the ASX tech sector. Those include Xero, Life360, and TechnologyOne, but they could also be extended to Pro Medicus, Zip Co, and REA Group.
Tech shares are one of today's best-performing ASX 200 sectors, so it's not too surprising to see these companies clock new highs this Tuesday. In almost every case here, these new highs are just extensions of a recent run of good form.
Other shares seem to be benefitting from recent (and excitement-inducing) individual announcements. For instance, fund manager HMC Capital has been in demand ever since it announced plans to launch a new data centre-focused investment.
Meanwhile, investors have been pushing JB Hi-Fi shares higher for more than a week now, following the electronics retailer's well-received quarterly update late last month.
Other ASX 200 shares listed here might just be benefitting from a boost in investor sentiment, perhaps driven by a new broker opinion. That could well be the case with Seven Group, which enjoyed an upgraded buy rating from broker Bell Potter last month.
Whatever the reasons for these new 52-week highs today, it just goes to show that a sinking ASX doesn't always drag everything down with it.
