On Tuesday the Australian share market continued its remarkable run and charged notably higher. This has led to a large number of shares racing higher this week.
Three which have climbed so much they have just reached record highs are listed below. Here’s why they are breaking records:
Ansell Limited (ASX: ANN)
The Ansell share price continued its positive run and hit a record high of $35.35 on Tuesday. The health and safety products company’s shares have been on fire this year due to the increasing demand it is experiencing it is during the pandemic. And unlike some companies which are getting a temporary sugar hit from the crisis, investors appear to believe the pandemic will cause a sustained increase in demand for Ansell’s hand and body protection solutions.
Appen Ltd (ASX: APX)
The Appen share price hit a record high of $32.02 yesterday. Investors have been fighting to get hold of the artificial intelligence company’s shares over the last couple of months after it released a positive market update. Appen revealed that demand for its services has remained strong despite the pandemic. According to the release, the company remains on course to achieve its FY 2020 operating profit guidance of $125 million to $130 million. This represents a 23.8% to 28.7% year on year increase.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price climbed to a record high of $4.49 on Tuesday. Investors have been buying the shares of Australia’s largest online retailer of furniture and homewares after it revealed stellar sales growth during the pandemic. A recent update shows that Temple & Webster’s second half revenue to 24 April was up 74% on the prior corresponding. This was driven by record new and repeat customer orders. Investors appear optimistic that this shift to online shopping will be sustained.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Ansell Ltd. 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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