The Australian share market was on form again on Thursday and charged notably higher for a second day in a row.
While a good number of shares pushed higher with the market, some gained more than most.
This led to a few shares climbing so much they reached all time highs. Here's why these two ASX shares are flying high right now:
Carsales.com Ltd (ASX: CAR)
The Carsales share price stormed to a new record high of $21.63 yesterday. Investors have been buying the online auto listings company's shares since the release of a solid full year result for FY 2020. For the 12 months ended 30 June 2020, Carsales posted adjusted revenue of $423 million. While this was only a small 1% increase on FY 2019, investors were expecting much worse given the pandemic.
Positively, improving margins led to Carsales reporting adjusted EBITDA growth of 6% to $218 million. But perhaps what got investors most excited was management's commentary on current trading conditions. It notes that there has been a strong turnaround in demand for vehicles across a number of international markets following the easing of lockdowns.
Redbubble Ltd (ASX: RBL)
The Redbubble share price jumped to an all-time high of $4.44 on Thursday. The ecommerce company's shares have been exceptionally strong performers over the last few months. This has been driven by the shift to online shopping caused by the pandemic. This shift underpinned a very strong second half to FY 2020, which ultimately led to Redbubble delivering a 43% increase in full year revenue to $368 million.
The good news is that its strong form has continued early in FY 2021, with marketplace revenue more than doubling in July. Redbubble has been benefiting from demand for face masks during the pandemic. Also supporting the Redbubble share price was a recent broker note out of Morgans. It upgraded its shares to an add rating and lifted its price target from a lowly 54 cents to $4.33.
