5 ASX shares hitting record all-time highs this week

Here are five ASX shares that have been able to ride the business tailwinds created by COVID-19 to hit a record all-time high this week.

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The S&P/ASX 200 Index (ASX: XJO) has finally moved out of its COVID-19 induced trading range to hit a 7-month high. Let's take a look at the shares that have been able to ride the momentum of the broader market to hit fresh record all-time highs this week. 

ASX shares that hit record all-time highs

1. Adairs Ltd (ASX: ADH)

The Adairs share price has been on a tear since its March lows, hitting a fresh record all-time high of $4.24 on Monday. The business has experienced strong sales amidst the COVID-19 pandemic, driven by a 61.4% increase in online sales in FY20. The company's ticking all the right boxes with growing revenues, the earnings accretive acquisition of home furniture supplier 'Mocka' and reducing its outstanding debt. 

2. Dicker Data Ltd (ASX: DDR

Dicker Data is a wholesale distributor of computer hardware, software and related products.  The business has experienced a rapid increase in demand for remote and virtual working solutions across its hardware, software and cloud portfolios. While the relaxation of lockdown measures has positioned Dicker Data to support businesses with their return to work strategies and business continuity plans in a post COVID-19 environment. Furthermore, over the next 12-24 months, the rollout of 5G connectivity is going to have a revolutionary effect within the technology industry. This is a tremendous opportunity for Dicker Data to continue assisting and supporting customers through this ongoing wave of digital transformation. These business tailwinds have helped prop up the Dicker Data share price to a fresh all-time record high of $9.05 on Monday. 

3. Nextdc Ltd (ASX: NXT

The NextDC share price has more than doubled this year following the bullish sentiment for the tech industry. The company has been able to continue to deliver on market expectations with its FY20 results coming in at the top end of earnings guidance provided at the start of the financial year. A flurry of development activity continues for the business to expand its capacity across Australia. Its shares are a record all-time high of $13.70 this week. 

4. Hub24 Ltd (ASX: HUB

The investment and superannuation portfolio administrator has seen record growth in its Funds Under Administration (FUA) with record inflows for its September quarter. The quarter experienced inflows of $1.36 billion (up 10% on pcp) and total FUA of $19 billion (up 32% on pcp). According to the latest available Strategic Insights data for the Australian platform market, Hub24 has maintained 2nd place ranking for both quarterly and annual net inflows. Its market share has increased to 2.1% from 1.5% at June 2019. 

5. Kogan.com Ltd (ASX: KGN

Kogan arguably has the most vertical share price chart of them all. This really begs the question, when will Kogan stop setting new all-time record highs every month? Its share price beat its previous record high set in August to hit the $25 mark for the first time this week. The business continues to go from strength to strength with its most recent September business update highlighting triple digit growth in sales and profits. 

Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd and Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia has recommended ADAIRS FPO, Hub24 Ltd, and 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.

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