Although the share market is tumbling lower today, that hasn’t stopped a number of shares from pushing higher.
In fact, a few have even managed to climb to 52-week highs or better. Here’s why these ASX shares are scaling new heights today:
Galaxy Resources Limited (ASX: GXY)
The Galaxy share price climbed to a multi-year high of $3.30 this morning. Investors have been fighting to get hold of the lithium miner’s shares this year due to its increasingly positive outlook. This is being driven by the growing demand for lithium from the electric vehicle and renewable energy market. This has supported a massive rebound in lithium prices. Another positive has been Galaxy’s improving production rates. After reducing production when lithium prices hit rock bottom, the company has now achieved nameplate capacity at its Mt Cattlin operation.
SEEK Limited (ASX: SEK)
The SEEK share price hit a record high of $31.89 on Monday. The job listings giant’s shares have been strong performers this year after the Australian economy bounced back quickly from the pandemic. So much so, last week Australia and New Zealand Banking GrpLtd (ASX: ANZ) reported that job advertisements hit a 12-year high during March. The bank’s data pointed to Australian job advertisements increasing by 7.4% month on month and 39.7% compared to the same period last year. This bodes well for SEEK given its domination of the local market.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price rose to a record high of $7.49 this morning. When the retailer’s shares hit that level, it meant they were up an impressive 97% from their November IPO price of $3.80. Investors have been scrambling to get hold of shares since its IPO due to its very strong performance in FY 2021. During the first half, Universal Store reported a 23.3% increase in sales to $118 million and a 63.6% increase in underlying net profit after tax to $21.1 million. Positively, the second half started even stronger, with like for like sales growing 28.2% during the first seven weeks of the half.
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More reading
- Orocobre (ASX:ORE) share price rebounds from broker downgrade
- Why Anteotech, Credit Clear, Galaxy, & Mach7 shares are storming higher
- The Galaxy Resources (ASX:GXY) share price is on watch. Here’s why
- ASX lithium shares are surging across the board. Here’s why
- 2 outstanding ASX shares to buy and hold
Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited and SEEK Limited. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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