Hot out the gate: 2 ASX 200 shares kicking off 2023 with new 52-week highs

Two S&P/ASX 200 Index (ASX: XJO) shares have started 2023 off on the right foot, leaping to 52-week highs on the first session of the new year.

Making their achievement more impressive is the broader market’s suffering. The ASX 200 has plummeted 1.43% at the time of writing to hit 6,938.1 points.

That was despite a strong start to today’s trade. The index lifted 0.46% early this morning before plunging into the red.

Fortunately, not all has been dire on the market on Tuesday. Let’s take a look at the two ASX 200 shares that launched to their highest point in 12 months today.

The ASX 200 shares starting 2023 with fresh highs

The first ASX 200 share starting 2023 off with a new 52-week high is QBE Insurance Group Ltd (ASX: QBE). It lifted 0.44% in early trade to peak at $13.49 – marking a new post-pandemic high.

Sadly, the stock didn’t hold onto its gains. It has since slipped 2.57% to trade at $13.09 at the time of writing.

And that could be a great entry point if broker Morgans is to be believed. It’s tipping the QBE share price to soar to $14.93, my Fool colleague James reports, a potential 14% upside.

Joining QBE in posting a new 52-week high today is ASX 200 wagering company Tabcorp Holdings Limited (ASX: TAH). Its stock is soaring 2.79% right now to post a new 52-week high of $1.11.

Of course, that’s accounting for the change to the company’s valuation brought about by its demerger of the Lottery Corporation Ltd (ASX: TLC). The Tabcorp share price plummeted more than 80% when it spun out the now-ASX 200 giant in May.

The Lottery Corporation currently has a market capitalisation of $10.1 billion while that of Tabcorp sits at $2.5 billion.

The post Hot out the gate: 2 ASX 200 shares kicking off 2023 with new 52-week highs appeared first on The Motley Fool Australia.

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More reading

• 2022 was strong for the NAB share price. What’s next?
• Why HT&E, Seven West Media, Tabcorp, and Weebit Nano shares are rising
• Here’s how I’d invest $5,000 in ASX 200 shares to earn a second income
• Morgans names 2 ASX 200 dividend shares to buy with 5%+ yields
• Bought $1,000 of AGL shares 10 years ago? Here’s how much dividend income you’ve received

Motley Fool contributor Brooke Cooper 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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