The Motley Fool

Why Kogan, Netwealth, Silver Lake, & Zip Co shares are storming higher

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory but has just fallen short. At the time of writing the benchmark index is down 3 points to 5,952.5 points.

Four shares that are not letting that hold them back are listed below. Here’s why these ASX shares are storming higher:

The Kogan.com Ltd (ASX: KGN) share price is up 4% to $17.57. Investors have continued to buy the ecommerce company’s shares on the belief that the pandemic is accelerating the shift to online shopping. In addition to this, Kogan has just completed a $120 million capital raising. These funds will be used to make value accretive acquisitions.

The Netwealth Group Ltd (ASX: NWL) share price has risen 4% to $10.56. Investors have been buying the investment platform provider’s shares following the release of its quarterly update this week. At the end of the fourth quarter, Netwealth’s funds under administration (FUA) stood at $31.5 billion. This means the company grew its FUA by $8.2 billion or 35% during the financial year. This is despite a negative market movement of $0.9 billion for the year.

The Silver Lake Resources Limited (ASX: SLR) share price is up almost 6% to $2.39. The catalyst for this was the release of a positive update on its exploration activities at Deflector. According to the release, Deflector’s mineral resource has increased 54% to 1.27 million ounces and its ore reserves have lifted 30% to 447,000 ounces.

The Zip Co Ltd (ASX: Z1P) share price has rocketed almost 14% to $7.63. This is despite there being no news out of the buy now pay later provider. However, there’s a lot of excitement in the industry right now following reports of strong customer and sales growth. This appears to have led to a lot of investors piling into shares like Zip Co this week.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

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 Kogan.com ltd and ZIPCOLTD FPO. The Motley Fool Australia owns shares of Netwealth. The Motley Fool Australia has recommended Kogan.com 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.

Related Articles...

Latest posts by James Mickleboro (see all)