After all, a second wave has the potential to derail Australia’s economic recovery and particularly the recovery of the travel market.
However, not all shares are under pressure because of second wave concerns. In fact, some ASX shares have been propelled to new highs by these concerns.
Here’s why these ASX shares are on a high right now:
Ansell Limited (ASX: ANN)
The Ansell share price hit a record high of $38.32 on Tuesday. Investors have been buying the health and safety products company’s shares this year due to the increasing demand it is experiencing it is during the pandemic. Judging by the rampant buying, investors appear to believe the pandemic will cause a sustained increase in demand for Ansell’s hand and body protection solutions.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price has continued its incredible rise and hit a record high of $34.50 yesterday. This stretched the medical device company’s year to date gain to a sizeable 64%. Investors have been fighting to get hold of the company’s shares amid the increasing number of COVID-19 infections globally. Investors appear confident this will lead to growing demand for its ventilators over the coming months and drive further strong growth in FY 2021.
Marley Spoon AG (ASX: MMM)
The Marley Spoon share price hit a new record high of $2.25 on Tuesday. The meal kit delivery company’s shares have been exceptionally strong performers during the last few months after the pandemic led to a surge in demand. In fact, demand has been so strong that Marley Spoon’s first quarter revenue grew 46% on the prior corresponding period to 42.8 million euros. Given that this covered the three months to 31 March 2020, I suspect its second quarter result could be even stronger. Positively, this stronger than planned growth is expected to accelerate its path to profitability.
Where to invest $1,000 right now
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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
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Ansell Ltd. and Flight Centre Travel Group Limited. 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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