Two ASX shares continue to exert their dominance this year and are quietly pushing along to new highs.
Both Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) and JB Hi-Fi Ltd (ASX: JBH) reached new highs in August.
Fisher Paykel shares have drifted more than 34% higher this year to date and are currently trading at $29.60 per share.
Meanwhile, JB Hi-Fi has lifted more than 42% since January and is fetching $77.58 per share at the time of writing.
Both shares show no signs of slowing down. Let's see what's behind the gains and what the experts are saying.
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ASX shares quietly hitting new highs
Fisher & Paykel has been one to fly under the radar this year. The healthcare player touched a new 52-week high of $30.36 earlier this month.
Much of the upside was driven by its FY24 earnings and outlook for FY25.
The company's sales increased 10% year over year to NZ$1.74 billion, and its net profit rose 6% to NZ$264.4 million.
CEO Lewis Gradon noted that the company has "returned to a trajectory of growth," which has clearly caught the market's attention.
Broker Wilsons upgraded its price target to $30, a level the ASX share has now surpassed. Despite the high valuation, the company's growth prospects, particularly in the respiratory care segment, suggest it could continue to perform well.
The stock has climbed over 43% in the past 12 months.
Retail giant beats expectations
JB Hi-Fi is another ASX share that's been on a tear this year, with its share price reaching new highs of $77.80 earlier in the session today.
The electronics and appliances retailer reported strong results for FY24 despite a challenging retail environment.
The ASX share's sales dipped slightly by 0.4% to $9.59 billion, and net profits dropped by more than 16%.
However, as my colleague James reported, the results were ahead of expectations. One key highlight was the acquisition of E. & S. Trading Co., a premium kitchen, laundry, and bathroom retailer.
This came along with a special fully franked dividend of 80 cents per share.
JB Hi-Fi's sales growth in Australia and New Zealand has driven its share price up by 67% in the past 12 months.
Foolish takeaway
Both Fisher & Paykel Healthcare and JB Hi-Fi have proven their resilience and growth potential, making them standout performers on the ASX.
For investors looking for ASX shares with momentum, these two names might be worth a closer look.
