Owners of Wesfarmers Ltd (ASX: WES) shares, rejoice! The stock just roared to its highest point in more than 12 months this morning â peaking at $51.94.
Sadly, the stock wasnât able to keep a hold of its gains. The Wesfarmers share price is $51.27 right now, 0.45% lower than its previous close.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is back in the green right now, rising 0.05% to 7,239.7 points.
Interestingly, thereâs been no news to move the Wesfarmers share price in the last eight weeks. Indeed, the last time the market saw a price-sensitive release from the conglomerate was in mid-February when it dropped its earnings for the first half.
So, what might have helped launch the ASX 200 giant to long-forgotten highs today? Letâs take a look.
Wesfarmers share price posted new 52-week high
The Wesfarmers share price cracked its 52-week high earlier today. And it wasnât alone in doing so.
ASX 200 peers Qantas Airways Limited (ASX: QAN), Telstra Group Ltd (ASX: TLS), and Cochlear Limited (ASX: COH) have also surpassed the milestone in todayâs session.
Many of their respective peaks came as the index spiked in early morning trade to peak at 7,262.1 points â the highest itâs been in more than four weeks.
Jumping alongside it was the Wesfarmers share price and the companyâs home sector â the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ).
Both the sector and the stock have gained around 13% so far this year. Though, the company is outperforming over the longer term.
Wesfarmers shares have gained 3.5% since this time last year, while the consumer discretionary sector has slumped around 0.9% and the ASX 200 has dumped 3.8%.
The post Why did the Wesfarmers share price just smash a new 52-week high? appeared first on The Motley Fool Australia.
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More reading
- Big Wednesday: 12 ASX 200 stocks cracking new 52-week highs
- 5 steps to making $500 in monthly passive income in 2023
- Buy NAB and this excellent ASX 200 dividend share for passive income: brokers
- Top ASX shares to buy in April 2023
- Why did the Wesfarmers share price outperform the ASX 200 in March?
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 positions in and has recommended Cochlear. The Motley Fool Australia has positions in and has recommended Telstra Group and Wesfarmers. The Motley Fool Australia has recommended Cochlear. 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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