Well, the S&P/ASX 200 Index (ASX: XJO) has just finished up trading for the day. It was a decent day overall, with the index putting on 0.22% to finish up at 7,045.9 points. The best two performing ASX shares for the day ended up being Kogan.com Ltd (ASX: KGN) and Gold Road Resources Ltd (ASX: GOR).
Here's what went right for these shares today
Kogan
Kogan was an ASX share that got hit last week in terms of the company's share price. On Friday, the e-commerce company released a trading update, which contained some earnings guidance revision. Instead of the ~$70 million in earnings before interest, tax, depreciation and amortisation (EBITDA) that commentators were expecting for FY2021, Kogan reckons it will only come up with between $58 and $63 million. The market response was not kind, pushing Kogan down more than 13% on Friday to a low of $8.76.
Today, it was a different story. Kogan actually opened even lower this morning at a new 52-week low of $8.70. But by the end of the day, investors had had a thorough change of mind. They decided to push Kogan up a whopping 13.33% to $9.86. Clearly, some investors thought Kogan was in the bargain bin, and were keen to snap up some shares. Even after this sizable move, Kogan remains down around 60% from last year's all-time high of $25.75.
Gold Road Resources
Gold Road Resources was another ASX share that was evidently in the buy zone today for many investors. Although buying wasn't as enthusiastic as it was for Kogan, this ASX gold miner still ended the day at $1.55 a share, a good 6.16% above where it ended the week last week. In contrast to Kogan, there wasn't any recent juicy news for investors to digest today.
But what was working in Gold Road's favour was the gold price. The yellow metal has been on the move in recent months, climbing from around US$1,700 an ounce in early March to roughly US$1,887 today. That was probably what was front of mind for investors today, who decided this gold miner was worth piling into. Gold Road wasn't the only beneficiary of this trend either. Its fellow ASX gold miners in Perseus Mining Limited (ASX: PRU) and Newcrest Mining Ltd (ASX: NCM) also handily outperformed the ASX 200.
