The Australian share market started the week on an extremely positive note on Monday. This led to a good number of shares charging notably higher.
Some shares climbed more than most and a few even managed to hit 52-week highs or better.
Here’s why these ASX shares are flying high right now:
Afterpay Ltd (ASX: APT)
The Afterpay share price continued its positive run and raced to a record high of $49.00 on Monday. Investors have been fighting to get hold of the payments company’s shares in recent weeks for a number of reasons. These include its very strong performance during the third quarter, WeChat owner Tencent Holdings becoming a substantial holder, explosive active customer growth in the U.S. market, and its upcoming addition to the MSCI Australia index.
Reject Shop Ltd (ASX: TRS)
The Reject Shop share price hit a 52-week high of $4.91 yesterday. The discount retailer’s shares have been strong performers over the last few weeks and are now up over 63% since this time last month. One of the catalysts for this appears to have been a broker note out of Goldman Sachs. At the start of the month the broker upgraded its shares from a sell rating to a buy rating with a $4.75 price target. It spoke positively about its turnaround story with a new executive team, its robust balance sheet, and the potential for material improvements in efficiencies in labour, rent, and stock turn.
Whispir Ltd (ASX: WSP)
The Whispir share price hit a record high of $2.80 on Monday. Investors have been buying the communications workflow platform provider’s shares in recent months due to its strong performance during the pandemic. The work from home initiative has been driving increased demand for its offering, which led to solid Annualised Recurring Revenue (ARR) growth during the third quarter. Whispir posted a 10.4% quarter on quarter jump in its ARR to $40.5 million. This was the result of a record addition of 49 net new customers and increased platform use by existing customers.
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More reading
- 5 ASX 200 10-bagger shares of the decade
- ASX 200 jumped higher, rises more than 2%
- Top brokers name the latest ASX 200 stocks to sell today
- These ASX 200 share prices were cut in half. Where are they now?
- The Afterpay share price just hit a new record high: Should you invest?
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Whispir Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Whispir Ltd. 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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