The S&P/ASX 200 Index (ASX: XJO) has returned to form in April and is up 4.8% month to date.
While this is very positive, some ASX shares have smashed the market over the same period.
Three top shares which have achieved this are listed below. Here's why they are smashing the market:
The Afterpay Ltd (ASX: APT) share price is up almost 48% since the start of the month. Investors have been buying the payments company's shares this month following the release of an impressive business update. During the third quarter the buy now pay later provider delivered underlying sales of $2.6 billion, up 97% on the prior corresponding period. This was driven by a 40% lift in ANZ sales, a 263% increase in US sales, and a $0.1 billion contribution by the UK business. Positively, its losses and income margin remained stable during the quarter despite the coronavirus pandemic.
The Bubs Australia Ltd (ASX: BUB) share price is up a sizeable 58% in April. The catalyst for this strong rise was the release of its third quarter update. During the quarter, the infant formula company achieved record quarterly revenue of $19.7 million. This was a 67% jump on the prior corresponding period and a 36% lift on the second quarter. Also getting investors excited was its cash generation. Bubs has been burning through cash at a rapid rate over the last few years, but this may be coming to an end now. During the quarter it recorded positive operating cashflow of $2.3 million. This left it with a cash balance of $36.4 million.
The Kogan.com Ltd (ASX: KGN) share price has jumped around 40% higher since the start of the month. Investors have been buying the ecommerce company's shares after it revealed a sharp jump in sales in the third quarter. According to its update, Kogan's third quarter gross sales grew by more than 30% over the prior corresponding period. However, that's only part of the story. Things were even better in the month of March, with sales and gross profits increasing more than 50% on the same period last year. The closure of physical retail stores and its increased marketing spend appear to be supporting Kogan's strong top line growth.
