VCX, ASB: ASX 300 shares which rose to new 52-week highs yesterday

2 min read | July 26, 2022 09:08 AM AEST | By Ashish

VCX, ASB: ASX 300 shares which rose to new 52-week highs yesterday — Image source: © Laviana | Megapixl.com

Highlights

Australian shares ended on a weaker note on the first day of the week.

The ASX 200 shed 0.024% or 1.60 points to end at 6,789.90 points.

The ASX 300 closed 0.047%, 3.20 points down at 6,774.40 on the day.

Australian share market traded on a weaker note on Monday. While the ASX 200 shed 0.024% or 1.60 points to end at 6,789.90 points, the ASX 300 closed 0.047%, or 3.20 points down at 6,774.40 on the day. Despite this weak start to the week, there were a few ASX 300 shares which managed to rise to new highs on Monday. There were stocks such as Vicinity Centres and Austal which managed to scale new 52-week highs during Monday’s trading session.
NOTE: The ASX 300 (ASX:XKO) Index provides investors exposure to large, mid and small-cap equities in Australia. The index includes ASX 200 companies plus 100 smaller-cap companies.

Here we discuss why these two ASX 300-listed shares surged to new 52-week highs on Monday.

Vicinity Centres (ASX:VCX)

Vicinity Centres is a Real Estate Investment Trust (REIT) firm which specialises in the ownership and management of shopping centres across Australia. Vicinity hit a new 52-week high of AU$2.04 on Monday. The stock closed at AU$2.03, up 1.50%.

The share price of Vicinity has risen over 14% on a year-to-date (YTD) basis. The RIET’s shares have risen over 38% in the past 12 months. Notably, the stock gained despite no price-sensitive news coming out of the company. The company made its last ASX announcement on 12 July 2022.Thus, it’s unclear why investors wanted to add retail-based REIT to their investment portfolios.

Austal Ltd (ASX:ASB)

Austal is an Australia-based shipbuilder and global defence contractor. The share price of Austal hit a fresh 52-week high of AU$2.60 on Monday. The stock finally closed 0.79% higher at AU$2.55.

Austal's shares have performed on a strong note so far this newly begun the financial year 2023. The share price has surged over 40% since 30 June 2022. On a YTD basis, the share price has risen nearly 29%. The stock is up more than 17% in the past 12 months.

On Monday, the stock gained after Austal announced that it had bagged a new “fixed-price incentive contract option from the United States Navy for the construction of two Navajo-class Towing, Salvage, and Rescue Ships (T-ATS 13 and 14).” In the past two years, Austal has bagged two US Navy contracts.

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