Santos Ltd (ASX: STO), Ramsay Health Care Ltd (ASX: RHC), and AMP Ltd (ASX: AMP) shares have climbed to fresh annual highs in Wednesday trade as the S&P/ASX 200 Index (ASX: XJO) swings into the green.

Here’s what has happened, and what brokers tip next.

Santos shares

The ASX energy shares have climbed over 2% to $8.74 at the time of writing in what is the highest recorded share price for Santos since January 2020. Today’s increase means the shares are now 42% higher for the year-to-date and 14% higher than 12 months ago.

It looks like the oil and gas major’s shares are enjoying tailwinds from a climbing oil price. According to Trading Economics, crude oil is trading around US$104 per barrel on Wednesday. This is a retreat from a high of US$105 per barrel yesterday, but it still represents a 24% increase in the price of crude oil over the past month alone. 

Prices are rising amid new drone attacks and ongoing conflict in the Middle East which have restricted oil supply even further. 

And investment bank Goldman Sachs said recently that it thinks crude oil could rise above US$120 if production remains well below pre-conflict levels. 

Experts are bullish that Santos shares can keep climbing higher, too. TradingView data shows that all brokers have a strong buy rating on the stock. The $8.99 average target price implies around a 3% upside at the time of writing.

Ramsay Health Care shares

Ramsay Health shares are also up around 2% to a multi-year high of  $54.64 at the time of writing. The share price flew higher in late-August off the back of a healthcare-sector wide rebound and the company’s impressive FY26 results announcement. 

Ramsay Health shares are now up around 58% for the year-to-date and 63% higher than 12 months ago.

For FY26, the company reported a 22.9% increase in its underlying net profit after tax (NPAT) and a 11.8% increase in its underlying EBIT. Revenue also climbed 4.2%. Shareholders also received a dividend increase, up 13.8% to 91 cents per share for the full-year FY26.

Looking ahead, Ramsay expects to report EBIT growth and further margin improvement in FY27, with ongoing focus on cost management, activity growth, and capital discipline. 

The company is also moving ahead with plans to separate its 52.79% stake in Ramsay Santé, which owns hospitals across Europe.

But it looks like the experts want to see more evidence that the company can keep growing. TradingView data shows the majority of brokers have a hold rating but the $51.49 average target price now implies a downside of around 6%.

AMP shares

AMP shares are up around 0.5% to $2.51 at the time of writing on Wednesday. This is the highest share price AMP has traded at since November 2018. The shares are also up an impressive 37% for the year-to-date and are 39% higher than a year ago.

Ongoing geopolitical tensions and concerns about Australia’s inflation data weighed heavily on financial shares like AMP throughout the first half of the year.

But the diversified financial services company continues to post some strong financial results. In mid-July it announced first-half NPAT guidance of $170 to $180 million, significantly higher than the $131 million reported for the same period last year. Investors rushed to buy the shares and sent the price flying 22% higher within a week.

Then, early last month AMP posted its first-half FY26 results, including a 33% year-on-year increase in underlying NPAT to $174 million, an 8.2% year-on-year increase in assets under management (AUM) and a 33% increase in AMP’s Platforms net cash flows increased by 33%.

Again, investors were thrilled and the share price has continued climbing since the announcement.

TradingView data shows that the majority of brokers have a buy rating on AMP shares. But after such a strong rally recently, the average $2.49 target price now implies a downside of around 1%.

The post Santos, Ramsay Health Care, and AMP shares reach new 52-week highs: Can they keep climbing? appeared first on The Motley Fool Australia.

More reading

• The ASX 200 is finally rising. Is the sell-off running out of steam?
• 5 things to watch on the ASX 200 on Wednesday
• Worried about a downturn? 3 ASX shares and 3 ETFs built to weather it
• Santos shares slide from fresh multi-year high: What’s next for the ASX energy stock?
• Santos shares are up 40% in 2026. Here’s why I’d still buy them today

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 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.

September has been a rough month for our local share market.

The S&P/ASX 200 Index (ASX: XJO) has fallen in five of its past 6 sessions, including another 0.88% decline on Tuesday.

Wednesday is finally giving investors some relief, with the benchmark index up 0.26% to 8,695 points at the time of writing.

That still leaves the ASX 200 down around 2.5% over the past week and 4.6% over the past month. The index has now slipped slightly into negative territory for 2026.

So, is the market starting to find its feet?

Buyers are starting to come back

There is a bit more support under the market today than we have seen recently.

At the latest check, 105 of the top 200 shares were higher, compared with 84 lower and 11 unchanged.

The gains are being helped along by some of the ASX’s biggest resources stocks.

BHP Group Ltd (ASX: BHP) shares are up 1.13% to $59.92, while Rio Tinto Ltd (ASX: RIO) shares have gained 0.81% to $165.83.

Fortescue Ltd (ASX: FMG) shares are also 1.05% higher at $16.39.

Energy shares are doing even better, with oil prices still elevated as tensions in the Middle East continue.

Woodside Energy Group Ltd (ASX: WDS) shares are up 3.12% to $33.36, and Santos Ltd (ASX: STO) shares have climbed 2.22% to $8.74.

There’s still plenty to watch

That being said, one better session doesn’t mean the recent weakness is over.

The ASX 200 closed at 9,127 points on 26 August, which leaves it more than 400 points below that level today.

There’s also plenty happening outside Australia that could keep investors on edge.

Oil prices remain high, while the US 10-year Treasury yield has pushed above 5%, adding another challenge for share markets.

Wall Street finished lower again overnight, with the Dow Jones Industrial Average (DJX: .DJI) falling 0.63%, the S&P 500 (SP: .INX) down 0.45%, and the Nasdaq Composite (NASDAQ: .IXIC) dropping 0.78%.

Investors are now waiting for the Federal Reserve’s next interest rate decision and any clues on what could come after it.

Foolish takeaway

I wouldn’t read too much into one positive session just yet.

The ASX 200 has been under pressure for most of September, so today’s rise could simply be a dead-cat bounce.

What I’d rather see is the index put together a few decent sessions and start working its way back towards 8,800.

Until that happens, I’d be careful about calling the recent sell-off over.

The post The ASX 200 is finally rising. Is the sell-off running out of steam? appeared first on The Motley Fool Australia.

More reading

• Santos, Ramsay Health Care, and AMP shares reach new 52-week highs: Can they keep climbing?
• Fortescue shares break a 4-day losing streak as $150 million legal fight heats up
• Why I’d buy and hold BHP shares for 10 years
• How much passive income could I earn from a $650,000 superannuation balance?
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Aaron Teboneras 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 BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Fortescue Ltd (ASX: FMG) shares are finally back in positive territory on Wednesday.

The Fortescue share price is up 0.96% to $16.37 in early afternoon trade after spending the previous four sessions in the red.

That run took the stock from $17.61 on 9 September to $16.22 at yesterday’s close, a drop of almost 8% in less than a week.

Fortescue shares are down about 25% since the start of 2026 and are trading near their 52-week low.

And while there is no new ASX announcement today, another long-running issue has moved back into the spotlight.

Let’s take a closer look.

A $150 million legal battle continues

According to The Australian, Fortescue has lodged an appeal against the Federal Court’s landmark native title compensation ruling involving the Yindjibarndi people.

The court ordered the miner to pay $150 million for cultural loss, along with compensation for economic loss and interest, relating to mining activities on Yindjibarndi land.

Fortescue paid the amount in July, but the company has now joined the Western Australian Government in appealing parts of the decision.

A Fortescue spokesperson said the company needed to protect its legal position after other parties took the matter back to court.

The Yindjibarndi have also appealed the award, arguing the compensation should have been higher.

What else are investors watching?

The legal case comes at a time when Fortescue shares have already been struggling.

Its FY26 result was a bit of a mixed bag.

Revenue rose 9% to US$17 billion, while underlying EBITDA climbed 9% to US$8.6 billion.

Iron ore shipments also reached a record 201.3 million tonnes.

Underlying net profit after tax (NPAT) increased 3% to US$3.5 billion, and free cash flow rose 25% to US$3.2 billion.

But the statutory result was weaker, with profit falling 15% to US$2.86 billion.

That included a US$525 million after-tax impairment relating to Iron Bridge and a US$73 million after-tax compensation claim expense.

Shareholders also received a smaller final dividend, which fell 23% to 46 cents per share. That took total FY26 dividends to $1.08 per share.

Where to next?

The court case is worth watching, but I don’t think it will be the main thing driving Fortescue shares from here.

Fortescue is still heavily tied to what happens with iron ore, and that means China remains a big part of the backdrop.

If iron ore prices hold up and the Asian superpower avoids another slowdown, sentiment towards Fortescue shares could improve again.

The post Fortescue shares break a 4-day losing streak as $150 million legal fight heats up appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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.