ASX 200 shares soared higher last week as the S&P/ASX 200 Index (ASX: XJO) continued its strong rebound.
It was a similar story overseas with the S&P 500 Index closing the week at 3,194 points – just 5.7% off its all-time high.
If coronavirus restrictions continue to ease and the economy hums back to life, could we see a new record high in June?
Will ASX 200 shares hit new record highs in June?
There have been a number of Aussie shares climbing higher in the last couple of months. The recent bear market seems like a distant memory as companies like Afterpay Ltd (ASX: APT) have roared back to life.
ASX bank shares have been another clear winner with the Commonwealth Bank of Australia (ASX: CBA) share price surging 32% higher since 23 March.
Australia has so far beaten many of its own ‘best case’ scenarios regarding the pandemic. That means we’re seeing businesses re-open, Aussie workers regain employment and the economic burden on the Federal Government start to ease.
Of course, there’s still a lot of work to do. I think there is more volatility for ASX 200 shares to come in the next few months but that doesn’t mean it’s not a good time to buy.
There’s a lot of cheap money flying around in the economy right now. Central banks have lowered interest rates and pumped money into the global economy.
CommBank and Afterpay haven’t been the only ones to cash in on the recent run.
The A2 Milk Company Ltd (ASX: A2M) share price closed at $17.62 per share on Friday. I think the ASX 200 dairy share could charge towards its record high of $19.23 per share by the end of June.
Supermarket sales are strong and international sales could pick up again in the coming weeks.
Foolish takeaway
There are a number of ASX 200 shares that are pushing higher in June. If the economy continues to pick up then we could see record highs before the end of the month.
Here are a few more ASX shares with strong growth potential to check out this month!
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More reading
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- 2 ASX 200 biotech shares to consider buying today
- 3 ASX 200 shares to watch this week
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- ASX 200 Weekly Wrap: ASX bulls crash through 6,000 points
Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia owns shares of A2 Milk. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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