It’s a bad day for most ASX shares today, with the broader market sliding lower this afternoon.
Though, there are some mid-cap shares going against the crowd to hit their highest point in 12 months.
The share price of both G8 Education Ltd (ASX: GEM) and Capricorn Metals Ltd (ASX: CMM) have hit new 52-week highs on Tuesday after gaining 6.6% and 5% respectively.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 1.6% while the All Ordinaries Index (ASX: XAO) has slipped 1.7%.
Let’s take a closer look at what’s boosting the ASX mid-cap shares to new 12-month records today.
What’s driving these ASX mid-cap shares to 52-week highs?
Owners of G8 Education or Capricorn Metals shares, pat yourself on the back. The two companies’ stock has roared to new 52-week highs today.
The G8 Education share price’s new 52-week high is $1.29. At the time of writing, the company’s share price has retreated to $1.27, which is still 5.37% higher than its previous close.
It comes after the early education and care provider released its earnings for 2021 this morning.
Its operating revenue increased to $866.3 million in 2021 – up from $777.1 million in 2020.
It has also recovered from 2020’s $189 million after tax loss to post a net profit after tax (NPAT) of $45.7 million last year. Though, that’s still lower than its 2019 post-tax profit of $52 million.
The company’s occupancy also rebounded to just 2.1% less than that of 2019.
There’s no such clear reason as to why the Capricorn Metals share price surged to its new 52-week high today.
However, the gold producer’s stock has been on the up-and-up lately. It has gained 18% since the end of January despite the company’s silence.
Though, the price of the golden metal might be helping to boost the ASX mid-cap’s share price.
As The Motley Fool Australia reported earlier today, concerns of rising tensions between Russia and Ukraine saw the price of gold increasing overnight. According to data from CNBC, gold futures are currently 0.6% higher at US$1,9112.20 an ounce.
Right now, the Capricorn Metals share price is $3.74 – 3.03% higher than its previous close.
The post 2 ASX mid-cap shares hitting new 52-week highs today appeared first on The Motley Fool Australia.
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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 Bruce Jackson.
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