BHP Group (ASX: BHP) and Rio Tinto Group (ASX: RIO) made headlines yesterday as both companies hit all-time highs. However they weren't the only ASX shares rocketing to record highs.
On Wednesday:
- BMC Minerals Ltd (ASX: BMC) rose 12% to a new all-time high
- SKS Technologies Group Ltd (ASX: SKS) jumped 5% to a new record high
- APA Group Ltd (ASX: APA) hit a record high.
Lets see what sparked investor interest, and if there is any further upside in store.
Image source: Getty Images
BMC Minerals continues hot start
BMC Minerals engages in the exploration and development of mineral properties. It operates the Kudz Ze Kayah Project located in the Finlayson Lake District of south-eastern Yukon, Canada.
It debuted on the ASX back in December last year, and has climbed more than 50% since its initial listing.
Most of this increase has come following its quarterly report in late April.
Investors have seemingly been scooping up shares in this exploration company after it announced a positive Decision Document for development of the ABM Mine issued by the Government of Yukon, Natural Resources Canada and the Department of Fisheries and Oceans Canada.
This was a major de-risking milestone for the Company, allowing the continuation of the permitting process for all remaining permits and licences for the project.
Once in production, the ABM Mine is expected to be Canada's largest silver and zinc producer and a top 15 Canadian copper producer.
A recent report from Morgans suggested a price target of $5.70 for these ASX shares.
This would indicate a further 48% upside from current levels.
SKS nearing peak
SKS Technologies engages in the development and distribution of technology products. It provides audiovisual products & solutions and electrical and communications cabling for the commercial, retail, health, defence and education market.
In 2026, it has already risen 122%, and it is now up 438% in the last year after yesterday's rise.
This has been spurred on by continued contract wins for the company.
However targets from brokers indicate the stock could be close to fully valued.
Morgans recently placed a revised price target of $8.95 on these ASX shares, which is only slightly above the current share price of $8.78.
APA benefits from federal budget
APA is Australia's largest energy infrastructure company, owning and/or operating an extensive portfolio of gas, electricity, solar, and wind assets.
It hit new record highs during trading on Wednesday, and could be set to benefit from changes in the federal budget.
As reported by Bernd Struben on Tuesday, UBS equities strategist Richard Schellbach said the proposed CGT changes will favour the likes of quality ASX 200 dividend shares such as APA.
According to Schellenbach, ASX stocks with strong capital gain potential are likely to become less attractive following the CGT changes.
ASX 200 dividend shares in the banking and real estate sectors could be set to benefit over high-growth stocks.
