Afterpay Ltd (ASX:APT) and these ASX shares have just hit 52-week highs or better. Here’s why they are flying high right now…
The post Why Afterpay (ASX:APT) and these ASX shares just hit 52-week highs or better appeared first on The Motley Fool Australia. –
With the market continuing its ascent this week, it will come as no surprise to learn that a number of shares have climbed to 52-week highs or better.
Three ASX shares that have just given investors an early Christmas present are listed below. Here’s why they are flying high right now:
Accent Group Ltd (ASX: AX1)
The Accent share price hit a record high of $2.31 yesterday. Investors have been buying the footwear-focused retailer’s shares this year thanks largely to its strong performance during the pandemic. At a time when many retailers were struggling, Accent was experiencing a surge in its sales. Pleasingly, this positive form has continued in FY 2021, with Accent on course to deliver a strong half year result in February. In addition to this, the company has continued opening new stores to strengthen its market position. It plans to add 80 new stores to its network in FY 2021, this includes stores from new brands Pivot and Australian Stylerunner.
Afterpay Ltd (ASX: APT)
The Afterpay share price stormed to another record high of $120.77 on Thursday. When the payments company’s shares hit that level, it meant they were up a remarkable 294% since the start of the year. There have been a number of catalysts for this impressive gain. These include its explosive sales growth in 2020, global expansion plans, the upcoming launch of new financial products, and, most recently, its inclusion in the ultra-exclusive ASX 20 index.
Metcash Limited (ASX: MTS)
The Metcash share price continued its strong run and hit a two-year high of $3.60 yesterday. This means the wholesale distributor’s shares have now risen 36% since the start of October. Investors have been buying Metcash’s shares following the release of a very strong first half result. Thanks to positive performances across its business, Metcash reported a 12.2% increase in group revenue to $7.1 billion and a 43% lift in underlying profit after tax to $129.6 million. Pleasingly, the company revealed that it has started the second half strongly, with all segments continuing their positive sales momentum.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.