Since the turn of the year the All Ordinaries index has been in fine form and generated a return of over 20%.
Whilst this is very impressive, there are a number of shares on the index that have vastly outperformed it.
Three shares that have more than doubled in value in 2019 are listed below. Here's why they are on fire:
The AVITA Medical Ltd (ASX: AVH) share price has smashed the market this year with an incredible 425% gain. The catalyst for this has been investor excitement over the strong potential of the global regenerative medicine company's RECELL System. This regeneration platform was granted U.S. FDA approval last year as a Class III device for the treatment of acute thermal burns. Since then its sales have been growing at a very strong rate. However, its current sales are only a tiny fraction of a U.S. market opportunity estimated to be worth US$5.7 billion per year. Judging by its share price rise, some investors appear to believe the technology could grab a decent slice of this market.
The Nearmap Ltd (ASX: NEA) share price has been on form again in 2019 and provided its lucky shareholders with a return of 145%. The aerial imagery technology and location data company has caught the eye of investors this year after it delivered further strong growth in sales and contract value in the ANZ and U.S. market. In addition to this, the launch of new products, management's plan to expand into new territories, and very positive broker recommendations have also supported its share price.
The Zip Co Ltd (ASX: Z1P) share price has had a bit of a rocky week but is still up a whopping 185% since the start of the year. Investors have been scrambling to get hold of the payments company's shares largely due to the increasing popularity of buy now, pay later (BNPL) platforms and its impressive financial performance in FY 2019. Thanks to the addition of many key retailers and a major lift in consumers using its platform, Zip Co posted a 20% increase in quarterly revenue to a record $23 million in the third quarter. Pleasingly, with more retailers coming on board and BNPL growing in popularity, Zip Co looks well-placed to deliver an impressive full year result in August.
