Last week the Australian share market was back on form and recorded a solid weekly gain.
While the majority of shares on the market pushed higher, some climbed more than most.
In fact, the three ASX shares listed below climbed so much they hit new record highs. Here’s why they are on fire right now:
The Kogan.com Ltd (ASX: KGN) share price continued its positive run and hit a record high of $14.75 on Friday. The ecommerce company’s shares have been on fire over the last few months thanks to its stellar sales and profit growth during the pandemic. The company recently took advantage of this strong share price performance to raise funds via a capital raising. It intends to use the proceeds for value accretive acquisitions.
The Sezzle Inc (ASX: SZL) share price climbed to a record high of $4.16 at the end of last week. Investors have been piling into the buy now pay later industry over the past few weeks on the belief that the pandemic has accelerated the adoption of the payment method and the shift to online shopping. In addition to this, earlier this month it was announced that Sezzle would be one of a number of shares added to the All Ordinaries index. This is likely to have led to increased demand for its shares from fund managers with strict mandates and index-tracking ETFs.
The Splitit Ltd (ASX: SPT) share price zoomed to a record high of $1.92 last week. As well as benefiting from increased interest in the buy now pay later space, investors were buying Splitit’s shares after a positive announcement. That announced revealed that the company has signed a partnership with payments giant Mastercard. This follows a similar partnership with Visa in March. Time will tell whether these partnerships have a material impact on its performance, but I’m not overly confident it will be enough to justify its current +$500 million valuation.
Missed out on these gains? Then don’t miss out on these highly rated shares…
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
More reading
- Which shares to buy if the ASX tumbles
- ASX 200 up again, ASX retailers make big gains
- Grow your wealth with these 3 ASX fintech shares
- Why the Splitit share price has shot up 135% in 2 days
- Why Adairs, Nick Scali, SEEK, & Splitit shares are storming higher
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Sezzle Inc. 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.
The post Why Kogan, Sezzle, & Splitit shares just hit record highs appeared first on Motley Fool Australia.
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