ASX shares are broadly off to a good start in 2023.
Since the opening bell on 3 January, the All Ordinaries Index (ASX: XAO) is up a healthy 1.7%.
Joining in the rally today, two ASX shares have just hit new 52-week highs.
Gold regaining its shine
The gold price edged up again overnight to US$1,859. Thatâs the highest price the yellow metal has fetched since early June last year. And itâs up almost 11% since 4 November.
Thatâs helped most gold miners post some healthy gains. And, as you can see in the chart below, Northern Star Resources Ltd (ASX: NST) is no exception.
The ASX gold share has soared 67% since 26 September.
Investors have been hitting the buy button amid the rising gold price and the positive outlook the miner provided in an exploration update on 15 November.
âOur exploration team has made a strong start to FY23, advancing some exciting early-stage prospects across our global tier-1 portfolio as well as expanding beyond known areas of mineralisation,â managing director Stuart Tonkin said.
The Northern Star share price is up 1.8% in afternoon trading today to $11.64 per share. Thatâs a new 52-week high for the ASX share and its highest level since November 2020.
Which brings us too…
ASX share hits new 52-week high on continuing takeover interest
The second stock marching to a new 52-week high today is Warrego Energy Ltd (ASX: WGO).
The ASX share has been the subject of a takeover battle involving Gina Rinehartâs Hancock Energy Strike Energy Ltd (ASX: STX) and former suitor Beach Energy Ltd (ASX: BPT).
Today, Rinehart increased her offer for Warrego Energy by almost 29% to 36 cents per share.
That offer has sent the Warrego share price leaping 8.7% to 37.5 cents, interestingly higher than the latest takeover bid.
With todayâs big boost, the ASX share is trading at new 52-week highs and up a whopping 168% since 3 November.
Happy New Year!
The post These two ASX shares are celebrating 2023 by hitting new 52-week highs appeared first on The Motley Fool Australia.
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More reading
- Why Alkane, Appen, Warrego Energy, and Zip shares are racing higher today
- Warrego Energy share price rockets 9% as Rinehart doubles down on takeover
- Why Appen, Hub24, Northern Star, and PointsBet shares are racing higher today
- 3 best ASX 200 gold shares of 2022
- 5 things to watch on the ASX 200 on Wednesday
Motley Fool contributor Bernd Struben 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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