The Australian share market may be under the pump again on Wednesday, but that hasn't stopped some ASX 100 shares from pushing higher.
In fact, a couple have even managed to hit new 52-week highs today despite recent market weakness.
Here's why these ASX 100 shares are scaling new heights:
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Aristocrat Leisure Limited (ASX: ALL)
The Aristocrat share price reached a new 52-week high of $43.09 today. This latest gain means the gaming technology company's shares are now up approximately 21% over the last 12 months, as you can see below.
This latest gain appears to have been driven by a positive reaction from brokers to the company's analyst briefing this week. Aristocrat revealed that it was performing in line with expectations and spoke positively about its NFL licenced poker machine launch.
Citi responded to the briefing, saying:
From it we took that management is confident that: 1) the current rate of outright sales in land represent a normal level of sales rather than a pull-forward of future demand, 2) the highly anticipated upcoming NFL title can achieve long-lasting success given it will stay contemporary compared to prior movie licenced based titles that have tended to start strong and then fade, and 3) the digital games market while still down YoY, is starting to show early signs of sequential growth.
Seven Group Holdings Ltd (ASX: SVW)
The Seven share price climbed to a 52-week high of $29.59 today. This extends the diversified investment company's 12-month gain to a remarkable 65%.
At the end of last week, the team at Bell Potter initiated coverage on the ASX 100 share with a buy rating and a $33 price target. This suggests that its shares could keep rising by a further 12% from current levels. The broker commented:
SVW's businesses and investments are market leaders in their respective industries, with scale, brand and industry expertise underpinning commercial advantages that are hard to replicate by competitors. We are positive on the near-term outlook for mining production, engineering construction and transitional energy markets; critical minerals mining, renewable project construction and expected domestic and international gas supply shortfalls represent longer-term tailwinds.
