With the S&P/ASX 200 Index (ASX: XJO) surging above the 6,000 points level again, a number of shares have been pushing higher in recent days.
Some have pushed so hard they are now trading at record highs. Two which have achieved this feat are listed below. Here's why they are on form right now:
Afterpay Ltd (ASX: APT)
The Afterpay share price continued its remarkable run and hit a record high of $68.62 on Thursday. This latest gain means that the payments company's shares are now up an incredible 850% from their March low. This strong gain has been driven by its very positive performance during the pandemic, strong customer growth in the United States and the United Kingdom, international expansion options, and positive broker notes.
The latter appears to have been the catalyst for taking its shares to a new high yesterday. As I mentioned here, analysts at Citi retained their neutral rating but more than doubled their price target on Afterpay's shares to $64.25. Citi lifted its price target after upgrading its earnings estimates to reflect strong customer growth and the acceleration of the shift to online shopping.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price rocketed 18% higher to a record high of $7.44 yesterday. This means the online homewares retailer's shares are now up 435% from their March low. Investors were fighting to get hold of shares on Thursday after it successfully completed a $40 million share placement to institutional investors. These funds will be used to make further investments in its growth strategy, while also improving its technology, product, and service offerings.
In addition to this, it released a business update which revealed that its sales were strong again in June. Monthly gross sales to 28 June were up 130% on the prior corresponding period. This appears to have put the company in a position to deliver a bumper profit result in FY 2020.
