The S&P/ASX 200 Index (ASX: XJO) may have been out of form on Monday, but that didn’t stop some ASX shares from pushing higher.
In fact, some shares even managed to climb to new 52-week highs or better.
Three that achieved this feat are listed below. Here’s why they are flying high right now:
Codan Limited (ASX: CDA)
The Codan share price stormed to a new record high of $9.13 on Monday. Investors have been fighting to get hold of the electronic products manufacturer’s shares in 2020 after a spike in the gold price. This is expected to support the very strong demand Codan has been experiencing for its metal detectors. This certainly was the case in the first half of FY 2020 when Codan delivered revenue of $171 million and EBITDA of $54 million. This was a 33% and 42% increase, respectively on the prior corresponding period.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price continued its positive run and hit a new all-time high of $51.33 yesterday. Investors were buying the retail giant’s shares after the release of a strong full year result for FY 2020. During the 12 months, JB Hi-Fi delivered an 11.6% increase in total sales to $7.9 billion and a 33.2% lift in underlying net profit after tax to $332.7 million. This led to JB Hi-Fi increasing its full year fully franked dividend by 33.1% year on year to 189 cents per share. Strong demand for household goods during the pandemic underpinned its growth in FY 2020.
Kogan.com Ltd (ASX: KGN)
The Kogan share price hit a record high of $22.15 on Monday before tumbling lower. The catalyst for this was the ecommerce company’s full year results release. For FY 2020, Kogan reported a 39.3% increase in gross sales to $768.9 million and a 57.6% increase in adjusted EBITDA to $49.7 million. This was driven by the accelerating shift to online shopping during the pandemic which underpinned a 35.7% increase in active customers to 2,183,000. Management notes that a “retail revolution [is] taking place” and believes Kogan is well-positioned to benefit.
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More reading
- ASX 200 drops 0.8%, JB Hi-Fi jumps 4.5%
- What recession? These ASX retail shares are raking it in
- What experts are saying about JB Hi-Fi’s profit results as the stock surges to record
- These 3 ASX stocks just got upgraded by top brokers to “buy” today
- ASX 200 down 0.85%: JB Hi-Fi impresses, Altium shoots higher, Bendigo and Adelaide Bank sinks
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 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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