The S&P/ASX 200 Index (ASX: XJO) closed nearly 1% higher on Tuesday afternoon. The increase means the index has now climbed 1.5% higher for the year-to-date and is up 5.7% on the year. The index gains are strong, but some ASX 200 stocks have enjoyed much stronger momentum, and it looks like it’ll continue too.
Here are 3 ASX 200 momentum stocks to buy right now.
Nick Scali Ltd (ASX: NCK)
Nick Scali shares closed 0.69% higher on Tuesday at $24.96. For the year-to-date the shares are 5.76% higher and they’ve significantly outpaced the ASX 200 index over the past 12 months, rising 57.58% over the year.
The household furniture importer and retailer’s shares have risen very steadily over this period too, showing incredible resilient momentum. In fact, the ASX stock has climbed pretty consistently since they listed on the ASX back in 2004, with the exception of a covid-19-included blip in early 2020.
The team at Bell Potter recently named the furniture retailer as one of the best stocks to buy. The broker said that the company’s expansion into the UK gives the opportunity for the business to drive scale efficiencies and margin expansion.
IGO Ltd (ASX: IGO)
Nickel, copper, and cobalt miner IGO is another good momentum stock picking up investor interest right now.
Unlike Nick Scali, the miner’s share price hasn’t had such stable and historically long share price growth. However, the ASX 200 miner’s shares have had a strong price rally over the past 12 months.
At the close of the ASX on Tuesday, the shares had climbed 1.07% to $8.52 a piece. For the year-to-date the shares are 3.78% higher and they’re now a huge 78.24% higher for the year.
The company recently posted a strong operational performance for the December quarter. Including a 55% increase in its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) and a positive operating cash flow of $12.8 million.Â
Westgold Resources Ltd (ASX: WGX)
Westgold shares also closed in the green on Tuesday afternoon, up 0.14% to $6.96 a piece. For the year-to-date the ASX 200 gold miner’s shares are 7.91% higher, and have shown strong momentum since 2023. Over the past year alone, the stock has rallied 207.96% higher.
The gold miner reported record gold production and a doubling of its cash build for the December quarter. The latest gold price upswing has also helped push the share price higher recently.
Analysts are bullish that the shares will keep building momentum this year too. Data shows that the maximum 12-month target price is $11.70, which implies a potential 68.1% upside for investors at the time of writing.
The post 3 ASX 200 momentum stocks to buy right now appeared first on The Motley Fool Australia.
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Motley Fool contributor Samantha Menzies 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 recommended Nick Scali. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.