Many ASX growth shares have rocketed higher despite the bear market in 2020. The S&P/ASX 200 Index (ASX: XJO) has slumped 16.60% lower this year while many top tech and healthcare shares have surged.
But with all the craziness in the share market right now it can be hard to know what to buy. Here are a few top ASX growth shares that I’m keeping an eye on in the year ahead.
Where to invest $5,000 in ASX growth shares today
One ASX healthcare share I like the look of is Polynovo Ltd (ASX: PNV). Polynovo shares are up 45.99% this year and more than 100% since 23 March. Those are some impressive growth numbers and in my opinion the Aussie biotech group could charge higher.
Polynovo’s NovoSorb BTM product is seeing strong sales, which is underpinning its share price growth. I think the breakthrough burns treatment could see strong demand in the medical sector and Polynovo is certainly on my watchlist.
Another ASX growth share to watch is A2 Milk Company Ltd (ASX: A2M). A2 Milk shares have rocketed 3,708% higher in the last 5 years and are continuing to climb in 2020.
Strong supermarket sales have been good news for suppliers like a2 Milk. The Kiwi company plans to expand into Canada, which should open up further growth channels beyond this year.
It’s hard to ignore the tech sector when talking about ASX growth shares. I still like the look of NextDC Ltd (ASX: NXT) shares despite rocketing higher in 2020.
Strong demand for data storage and security is good news for NextDC. With a move towards more working from home looking likely in Australia, NextDC shares could climb in the coming years.
Given its strong balance sheet and strategic expansion plans, I think this ASX tech share could be a potential ASX top 5o company in no time.
Foolish takeaway
There are ASX growth shares to buy in all kinds of sectors. I think the keys right now are stable earnings prospects and strong balance sheets to weather the storm in 2020.
Here are a few more ASX shares with strong growth prospects in 2020!
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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