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Why Afterpay and these ASX shares just hit multi-year highs

Although the S&P/ASX 200 Index (ASX: XJO) ended its winning run on Thursday, that didn’t stop a number of shares from charging higher.

Some even managed to climb to multi-year highs or better during yesterday’s trade.

Three that achieved this milestone are listed below. Here’s why they are flying high:

Afterpay Ltd (ASX: APT)

The Afterpay share price continued its positive run and stormed to a record high of $45.17 on Thursday. The catalyst for this latest gain was a business update which revealed that it has now reached 5 million active customers in the U.S. market. This was driven by the addition of 1 million active customers during the pandemic. Also supporting its share price in 2020 has been strong third quarter sales growth and the arrival of Tencent Holdings as a substantial holder. In respect to the latter, investors appear optimistic the WeChat owner will be the key to unlocking the Asia market.

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price climbed to a multi-year high of $6.20 yesterday. Investors have been buying Evolution’s shares this year due to a significant jump in the gold price. Falling interest rates and economic concerns have placed a rocket under the gold price in 2020, putting Evolution in a position to deliver a strong profit result in FY 2020 and FY 2021. At the end of March, the gold miner’s all-in sustaining cost was US$652 an ounce. This compares to the current spot gold price of ~US$1,725 an ounce.

Kogan.com Ltd (ASX: KGN)

The Kogan.com share price was on form again and reached a record high of $9.56 on Thursday. This ecommerce company’s shares have been on fire over the last couple of months after it revealed stellar sales growth during the pandemic. In April, for example, Kogan grew its sales by more than 100% and its adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) by more than 200%. The latter means its EBITDA is now up 40% financial year to date. Investors appear confident its strong form will continue thanks to the shift to online shopping.

5 stocks under $5

We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.

And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!

*Extreme Opportunities returns as of June 5th 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.

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