Although the Australian share market tumbled notably lower on Thursday, this didn't stop a number of shares from charging higher.
Some of these ASX shares even managed to climb to 52-week highs or better despite the market weakness.
Three ASX shares which achieved this are listed below. Here's why they are scaling new heights:
Galaxy Resources Limited (ASX: GXY)
The Galaxy share price hit a 52-week high of $1.50 on Thursday. Investors have been fighting to get hold of Galaxy and other lithium miners recently on the belief that the price of the battery making ingredient has now bottomed. This would be a big positive for Galaxy after a sustained and severe drop in lithium prices over the last couple of years. One broker that feels Galaxy's run could be over is Ord Minnett. Earlier this week it downgraded the company's shares to a sell rating with a 90 cents price target. It feels a recovery in lithium prices is more than priced into its shares now.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price continued its positive run and reached a new record high of $15.56 yesterday. This has been driven largely by the investment platform provider's strong performance in FY 2020 despite the pandemic. In FY 2020, Netwealth delivered an impressive 21.7% increase in underlying net profit after tax to $43.8 million. The catalyst for this was a 35% increase in funds under administration over the 12 months to $31.5 billion. More recently, investors responded positively to an announcement yesterday which revealed that it has made a strategic investment in specialist fintech data solutions provider, Xeppo.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price stormed to a record high of $10.35 on Thursday. When the online furniture and homewares retailer's shares hit that level, it meant they were up a remarkable 292% since the start of the year. A strong performance in FY 2020 thanks to the shift to online shopping has largely been responsible for this incredible rise. Also supporting its ascent on Thursday was a broker note out of Goldman Sachs. Its analysts retained their buy rating and lifted their price target to $11.50. They believe Temple & Webster is well-positioned for growth over the coming years thanks to structural tailwinds.
