Although the Australian share market ended its winning streak on Wednesday, that didn’t stop a number of shares from continuing their positive runs.
In fact, a few shares even managed to climb so much they hit record highs.
Two ASX shares which achieved this feat are listed below. Here’s why they are flying high right now:
Afterpay Ltd (ASX: APT)
The Afterpay share price jumped to a new record high of $98.68 on Wednesday. Investors have been buying the buy now pay later provider’s shares this year after it delivered further explosive sales and customer growth in FY 2020. This was driven by the accelerating shift to online shopping, its international expansion, and the growing popularity of the payment method with both consumers and retailers.
Yesterday’s rise, however, was driven by a positive update on its dealings with AUSTRAC in relation to its Anti-Money Laundering and Counter-Terrorism Financing audit. After considering the final audit report and Afterpay’s response to the findings, AUSTRAC has decided it will not be taking any further regulatory action.
Kogan.com Ltd (ASX: KGN)
The Kogan share price stormed to a new record high of $24.45 yesterday. When the ecommerce company’s shares hit that level, it meant they were up a massive 227% since the start of the year. As with Afterpay, the accelerating shift to online shopping has been the catalyst for this strong gain. The pandemic has sent millions of consumers online for their shopping, many for the first time, leading to Kogan benefiting greatly.
The good news for Kogan is that even with retail stores now open, it hasn’t slowed its growth. Kogan recently revealed that it added 152,000 new customers to its platform during August. This was a record monthly increase and took its total customers to 2,461,000. This led to both its sales and earnings more than doubling during the month.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
See how you can find out the name of this stock
Returns as of 6th October 2020
More reading
- How top ASX tech shares like Afterpay (ASX:APT) have performed in 2020
- ASX 200 finishes lower, Afterpay (ASX:APT) shares rise
- My top 5 ASX growth shares to buy right now
- Why the Afterpay Ltd (ASX:APT) share price broke its record high today
- The niche ASX shares critical to fuelling the tech boom
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 owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended 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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