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2 ASX growth shares I’m watching this week

With the S&P/ASX 200 (ASX: XJO) index closing in on its all-time high, its been a great time to be invested in ASX growth stocks. Growth stocks (by definition) typically rise at a faster rate than the overall market, so if you’ve found some winners this year, chances are you’re up big.

Here are 2 ASX growth shares I’m looking at this week.

CSL Limited (ASX: CSL)

CSL is one of the most beloved growth stocks on the ASX and it has recently printed a new all-time high of $258.77. Despite the shares finishing today close to this level, I think CSL is still a great growth company to buy this week. Its Seqirus and Behring divisions are world-class in their respective sectors and CSL remains a market-leader in healthcare – one of the biggest tailwind industries.

CSL is also a fantastic dividend growth stock, with CSL’s payouts increasing by over 20% per year over the past five years. I’m confident that CSL will continue to grow at a vigorous pace, making it a great stock to hold for the long-term.

Zip Co Ltd (ASX: Z1P)

Zip Co shares have been slammed this month, falling from their all-time high of $5.86 to just $4.11 last week, on the back of some bearish broker notes. Although Z1P shares have recovered somewhat and finished trading at $4.50 today, I still think there’s plenty of room for growth for this buy-now, pay-later player.

Regulatory risk is always hovering over the head of this sector (as we saw earlier this month). But with numerous reviews and enquiries still not producing much of a threat to Zip and its rival Afterpay Touch Group Ltd (ASX: APT), I think it’s still a space worth betting on.

Foolish takeaway

I think these 2 ASX growth stocks are some of the best deals going for growth investors in the market this week. CSL is an evergreen grower, whilst Zip’s dramatic slump might prove to be a strategic entry point for the braver investors out there.

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Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO, CSL Ltd., and ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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.