3 ASX 200 shares hitting new 52-week highs on Wednesday

A man wearing glasses and a white t-shirt pumps his fists in the air looking excited and happy about the rising OBX share price

A man wearing glasses and a white t-shirt pumps his fists in the air looking excited and happy about the rising OBX share priceThe S&P/ASX 200 Index (ASX: XJO) is having another solid day on Wednesday.

In afternoon trade, the benchmark index is up 0.6% to 7,224.7 points. This means the ASX 200 index has now risen almost 7% since this time last month.

However, despite this, the index remains down approximately 5% since the start of the year.

Three ASX 200 shares that are having far better years are listed below. Here’s why they just hit 52-week highs:

AMP Ltd (ASX: AMP)

The AMP share price hit a 52-week high of $1.33 on Wednesday. This stretches the financial services company’s year to date gain to 33%. AMP’s divestment of the Collimate Capital business, solid loan book growth, the recent reiteration of guidance, and its on-market share buyback all appear to have given the AMP share price a big in 2022 after several disappointing years.

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price has continued its impressive run and reached a 52-week high of $88.14 today. When the mining and mining services company’s shares hit that level, it meant they were up over 50% in 2022. This has been driven largely by Mineral Resources’ lithium operations, which are expected to drive very strong earnings growth in FY 2023. In fact, Goldman Sachs expects the company’s EBITDA to triple this year thanks largely to these operations.

Qantas Airways Limited (ASX: QAN)

The Qantas share price has taken off again on Wednesday and hit a 52-week high of $6.23. Investors have been scrambling to buy this airline operator’s shares after it upgraded its guidance just over a month after last upgrading it. Qantas is expecting to post underlying profit before tax of between $1.35 billion and $1.45 billion for the first half. This represents a $150 million increase to the guidance range given in October. Impressively, this is being achieved despite the company expecting to record its highest ever fuel bill.

The post 3 ASX 200 shares hitting new 52-week highs on Wednesday appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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