Why Kogan and these ASX shares just hit new record highs

On Monday the S&P/ASX 200 Index (ASX: XJO) was on form and stormed almost 1.8% higher to hit a three-week high of 6,110.2 points.

While this is positive, a number of shares on the local market are performing even better, and some have even been hitting record highs.

Three that have achieved this feat are listed below. Here’s why they are flying high right now:

Ansell Limited (ASX: ANN)

The Ansell share price continued its ascent and hit a record high of $40.40 on Monday. The health and safety products company’s shares have been very strong performers this year thanks to increasing demand for its personal protective equipment during the pandemic. One broker that believes this increase in demand is structural and not a one off is Credit Suisse. For this reason, the broker put an outperform rating and $42.50 price target on its shares this week. This could mean that there’s still room for its share price to push higher.

Kogan.com Ltd (ASX: KGN)

The Kogan.com share price continued its remarkable run on Monday and stormed to a new record high of $20.77. Investors were fighting to get hold of the ecommerce company’s shares again yesterday after it revealed that its strong growth continued during July. According to the release, Kogan added an incremental 126,000 active customers during the month. This lifted its total active customers to a massive 2,309,000. Thanks to this strong customer growth and the continued shift to online shopping, Kogan reported a 110% increase in monthly gross sales and a 160% lift in gross profit for July.

Mesoblast limited (ASX: MSB)

The Mesoblast share price was on form again on Monday and hit a new record high of $4.88. The biotech company’s shares have been on fire this year thanks to excitement around its lead product candidate remestemcel-L. This excitement has been building since the recent release of its quarterly update. With the update, the company’s Chief Executive, Dr Silviu Itescu, commented: “Remestemcel-L has two imminent major milestones, the interim analysis in the ongoing Phase 3 trial of remestemcel-L in COVID-19 patients with acute respiratory distress syndrome and the FDA advisory committee panel review of our submission for potential approval of RYONCIL (remestemcel-L) in children with steroid-refractory acute graft versus host disease.” He added: “Together with the upcoming Phase 3 read-outs in chronic heart failure and back pain, these key milestones will take the Company into the most significant period in its history.”

More reading

• Up 377% since March: Is the Mesoblast share price a buy?
• ASX reporting season reveals some upside surprises
• The ASX stocks that could enjoy a consensus earnings upgrade this reporting season
• Are ASX retail shares buys right now?
• 4 ASX shares I’m expecting big things from this reporting season

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 Kogan.com ltd. The Motley Fool Australia has recommended Ansell Ltd. and Kogan.com 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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