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These blue chip ASX shares just hit multi-year highs

Wesfarmers Ltd (ASX:WES) and these ASX blue chip shares have just climbed to multi-year highs. Here’s why…
The post These blue chip ASX shares just hit multi-year highs appeared first on The Motley Fool Australia. –

High

On Monday the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose to an 11-month high of 6,824.7 points.

While this is a big positive, some shares are performing even better. Here’s why these ASX 200 shares just hit multi-year highs or better:

Breville Group Ltd (ASX: BRG)

The Breville share price rose to a new record-high of $30.20 yesterday. Investors have been fighting to get hold of the appliance manufacturer’s shares over the last 12 months following its strong performance in FY 2020. A shift to cooking and working at home led to an increase in demand for whitegoods such as cooking equipment and coffee machines. This underpinned a 25.3% increase in revenue to $952.2 million and an 18.2% lift in gross profit to $320.6 million. Pleasingly, at its annual general meeting in November, Breville revealed that its positive form has continued in FY 2021. As a result, it expects its earnings before interest and tax (EBIT) to be in the range of $128 million to $132 million this year. This will be up 13.3% to 16.8% on FY 2020’s EBIT of $113 million.

Coca-Cola Amatil Ltd (ASX: CCL) 

The Coca-Cola Amatil share price climbed to a multi-year high of $13.20 on Monday. Investors have been buying the beverage giant’s shares this month after it provided the market with a trading update. While the company expects its EBIT before non-trading items to be down 13.9% year on year to $550.7 million, an improvement in its performance in the fourth quarter caught the eye of investors. The company’s Managing Director, Alison Watkins, revealed that it experienced a “strong trading performance” during the Christmas period. Also giving its shares a boost in recent months was news of a takeover approach. Coca-Cola Amatil received an unsolicited takeover offer worth $12.75 a share from its European counterparts late last year.

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price continued its positive run and hit a record high of $54.48 yesterday. The conglomerate’s shares have been in demand with investors thanks to its strong form in FY 2020. The good news is that this strong form has continued in FY 2021. A recent trading update reveals that Wesfarmers achieved strong sales growth across the business during the first four months of the financial year. This was particularly the case with the key Bunnings business, which reported a 25.2% increase in sales during the period. This appears to have positioned Wesfarmers for strong profit and dividend growth this year.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post These blue chip ASX shares just hit multi-year highs appeared first on The Motley Fool Australia.

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