On Wednesday the S&P/ASX 200 index closed at a record high of 6,850.6 points. When the benchmark index hit that level, it meant it had gained an impressive 23.2% since the start of the year.
Whilst that is outstanding, some shares on the index have performed even better. Here's why these shares have doubled in value this year:
The Afterpay Touch Group Ltd (ASX: APT) share price is up a massive 163% this year. Investors have been buying the payments company's shares thanks to its strong performance in FY 2019 and impressive start to the new financial year. This strong form has been driven by the increasing popularity of its buy now pay later platform with consumers and merchants in Australia-New Zealand, the United States, and now the UK. Its success in these markets appears to demonstrate that the platform has the potential to go global. Another positive is its recent AML/CTF audit which didn't recommend any sweeping changes to its operating model.
The Fortescue Metals Group Limited (ASX: FMG) share price has stormed a sizeable 154% higher this year. The catalyst for this strong gain has been a material rise in the iron ore price in 2019. The price of the steel making ingredient has rocketed higher this year due to strong demand in China and supply disruption in Australia and Brazil. Combined with Fortescue's focus on keeping costs down and increasing the grade of its produce, the iron ore miner delivered a bumper profit result in FY 2019. This allowed the company to return billions of dollars to its shareholders through dividends.
The Jumbo Interactive Ltd (ASX: JIN) share price has been on fire again in 2019 and is up 183% year to date. Investors have been fighting to buy the lottery ticket seller's shares following an impressive FY 2019 result. Jumbo delivered a 64% jump in revenue to $65 million and a staggering 124% lift in net profit after tax to $26.4 million. Pleasingly, management appears confident that this strong form can continue in FY 2020. Furthermore, another positive is its recent expansion into the UK market. If this is a success, it could underpin further strong growth in the coming years.
