While much of the ASX 200 sunk on Thursday, there were a few outliers hitting new 52-week highs.
Amongst those shares, notable names included:
- Ampol Ltd (ASX: ALD) rose 4%
- Aurizon Holdings Ltd (ASX: AZJ) hit a multi-year high
- New Hope Corporation Ltd (ASX: NHC) climbed 2%.
There were various catalysts for the continued success of these ASX shares. Here's what investors were reacting to and what experts are saying moving forward.
Ampol hits new 52-week high thanks to billion dollar deal
It's been a great week for Ampol shareholders this week, as Australia's largest listed petroleum refiner and distributor has risen roughly 8% in the last two days.
Investors have been gobbling up the company's shares after it announced that the Australian Competition and Consumer Commission (ACCC) has approved Ampol's acquisition of fuel and convenience retailer EG Australia.
The company said the approval is conditional on Ampol's divestment of 41 sites.
Ampol said it has entered into a binding agreement to sell the 41 sites to Metro Petroleum.
Citing its strong balance sheet, Ampol said it will cash settle the scrip component of the purchase price. The seller of EG Australia will receive a net cash consideration of approximately $1.115 billion.
Its share price is now up 42% over the last 12 months.
Much of this has come on the back of conflict in the Middle East and concerns about global oil supply earlier this year.
However it now appears the ASX stock is approaching full valuation.
9 analyst forecasts via TradingView have a one year average price target of $37.89, which is just 4% higher than current levels.
Aurizon hits multi-year high
Aurizon is Australia's largest rail freight operator hauling bulk commodities, largely coal, as well as iron ore and agricultural products.
Its share price climbed another 1% yesterday, taking it to new multi-year highs.
Aurizon shares have now climbed over 20% year to date.
This has largely come on the back of positive earnings results and a subsequent dividend boost.
Despite this, experts are largely looking at the company as a hold after hitting fresh 52-week highs.
The average price target sits roughly 9% below current levels.
New hope keeps rising
New Hope is an Australian thermal coal miner.
Like many ASX energy shares, it has enjoyed big returns in 2026.
For the to date, its share price has climbed an impressive 52%.
Yesterday, it hit fresh 52-week highs of $6.17 per share.
However, it also appears to have climbed past fair value.
Bell Potter recently placed a hold rating and $5.00 price target on its shares.
This indicates a downside of 19%.
The post Can these ASX shares hitting 52-week highs keep rising? appeared first on The Motley Fool Australia.
Motley Fool contributor Aaron Bell 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.
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