It has been a reasonably subdued start to the week for the S&P/ASX 200 Index (ASX: XJO).
Although it is up modestly this afternoon, for most of the day the benchmark index has been trading largely flat.
But that hasn’t stopped a group of shares from continuing to print new highs.
The nine shares listed below have been positive performers today and have all hit new highs thanks to their strong performance during the coronavirus pandemic. Here’s what is driving them to new highs:
Online shopping winners.
With retailers forced to close their doors at the height of the pandemic, shoppers had to shift their purchasing online. The good news for those with strong online offerings is that this trend has continued even after most retailers reopened. This afternoon the Adairs Ltd (ASX: ADH) share price hit a record high of $3.54 and the Redbubble Ltd (ASX: RBL) share price climbed to a new high of $3.94. Both companies reported stellar sales growth this month. This shift to online shopping has also been a big boost to buy now pay later providers. As such, it’ll be no surprise to learn that the Afterpay Ltd (ASX: APT) share price has hit a record high of $83.00.
The shift to the cloud.
It’s not only shopping that is going online. With many workers out of the office and working from home, the usage of cloud-based software has been growing strongly. This has led to a surge in demand for capacity in data centres across the country. It’s no wonder then that data centre company NEXTDC Ltd (ASX: NXT) hit a record high of $12.24 today. In addition to this, the Megaport Ltd (ASX: MP1) share price rose to an all-time high of $17.02 on Monday. The network-as-a-service provider reported very strong growth in FY 2020.
Social distancing restrictions.
Finally, another group of ASX shares are benefiting from social distancing restrictions. The Marley Spoon AG (ASX: MMM) share price continued its positive run and hit a record high of $3.80 on Monday. Lockdowns and restaurant closures have accelerated the adoption of meal kit delivery services and led to explosive sales growth from Marley Spoon this year. Carsales.Com Ltd (ASX: CAR) is benefiting from an aversion to public transport use and the shift to online shopping. Its shares hit a record high of $21.17 today. And then Nick Scali Limited (ASX: NCK) and Wesfarmers Ltd (ASX: WES) shares have both hit new highs today amid increasing demand for furniture and home improvements. With people spending more time at home, they appear intent on improving their surroundings.
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More reading
- 2 leading ASX shares for a blue chip portfolio
- Is this ASX 200 market too greedy right now?
- 4 exciting ASX tech shares surging higher today
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- Here are the highlights of this ASX reporting season
James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO and Wesfarmers Limited. The Motley Fool Australia has recommended carsales.com Limited and MEGAPORT FPO. 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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