The S&P/ASX 200 Index (ASX: XJO) is trading in the green at the time of writing after a run of declines over the past week.
At the time of writing, the index is up slightly by less than 0.1%, but it's still down around 1.5% year to date.
It's not all doom and gloom across the index, though. Some ASX 200 shares have significantly outpaced the index so far this year and are now trading at 52-week highs.
Image source: Getty Images
Ampol Ltd (ASX: ALD)
Ampol shares are trading in the green again at the time of writing. The shares are up slightly by around 0.1% to a two-year high of $36.58.
For the year to date, Ampol shares have increased around 14%, driven higher by conflict in the Middle East and ongoing concerns around global oil supply.
Ampol has also posted a few recent updates that have gathered investor attention. Earlier this month, Ampol received the green light, with conditions, from the Australian Competition and Consumer Commission (ACCC) for a proposed acquisition of fuel and convenience store operator EG Australia.
The company previously confirmed a 10% increase in refinery production, higher refiner margins, and increased production in its Q1 FY26 trading update.
Market Index data shows that all brokers are bullish on the price run for Ampol shares. All brokers rate the stock as a strong buy, and they tip around a 4% upside to an average target price of $37.84, at the time of writing.
Aurizon Holdings Ltd (ASX: AZJ)
Aurizon shares are up around another 0.2%, to a six-year high of $4.34 a piece.
For the year to date, the shares are nearly 21% higher.
The rail freight operator, which hauls bulk commodities, including coal, iron ore, and agricultural products, has enjoyed a strong rally this year after it posted a stronger-than-expected half-year FY26 earnings result and announced an upsized dividend payment to shareholders in mid-February.
Aurizon reaffirmed its FY26 guidance in a business update last month, despite weather and fuel-cost headwinds.
But after a share price surge earlier this year, it looks like brokers now consider Aurizon shares to be trading at, or even above, fair value.
TradingView data shows that the majority of analysts (eight out of 10) have a hold rating on the freight operator's shares. They forecast an average target price of $3.93, which implies a potential downside of around 9% at the time of writing.
Transurban Group (ASX: TCL)
Transurban shares have been relatively stable throughout the highs and lows of a volatile start to the year. The toll road operator's shares are trading in the green again on Wednesday, up around 0.3% to a six-year high of $15.20 a piece.
The increase is small, but it means the shares are now around 7% higher year to date and 6% higher than 12 months ago. The share price has gone up and down throughout this period, swinging mildly anywhere between $13.37 and $15.20 so far in 2026.
Transurban has benefited from a flight to defensive stocks during sharemarket volatility. Most of its toll roads are on an annual contract, which means Transurban has been able to continually increase its toll prices in line with rising inflation.
Clearly, investors are leaning towards Transbuban shares while defensive shares are back in focus, but brokers aren't as optimistic.
According to Market Index data, all brokers have a hold rating on the stock. However, after the latest rally, the $13.69 target price implies around a 10% downside at the time of writing.
