Although the All Ordinaries has just had a couple of disappointing days of trade, not all shares have dropped lower with the index.
In fact, the three shares listed below have continued to race higher and climbed to 52-week highs or better this week. Here's why they are on a high right now:
The FlexiGroup Limited (ASX: FXL) share price rocketed to a 52-week high of $2.47 on Thursday following the release of an update on its buy now pay later platform, humm. FlexiGroup revealed that it has added a number of high profile retailers to its platform in FY 2020. These include the likes of Mitre 10, Home Timber & Hardware, Hanes Australasia, Zanui, KOOKAÏ, SurfStitch, and Smile Solutions. In addition to this, management revealed that year to date the total transactions on the humm platform are up 25% year-on-year.
The Nick Scali Limited (ASX: NCK) share price climbed to a 52-week high of $7.59 yesterday. Investors have been buying the furniture retailer's shares in recent months amid signs that the housing market could be on the verge of rebounding. A booming housing market would be a big positive for Nick Scali and potentially lead to an increase in demand for its products. In FY 2019 the housing market downturn weighed on its performance and led to same store sales falling 1% on the prior corresponding period.
The VGI Partners Ltd (ASX: VGI) share price continued its impressive run and hit a record high of $17.80 on Thursday. This means the high conviction global equity manager's shares have now risen by a whopping 223% since their $5.50 per share IPO in June. Investors appear to have been impressed with the company's 24% increase in funds under management to $2.6 billion in the first half of FY 2019 and its normalised NPAT of $24.6 million. If you annualise its half year profit, it means that its shares are changing hands at ~24x earnings at present, which is roughly in line with industry peer Magellan Financial Group Ltd (ASX: MFG). This could be a sign that its shares were significantly undervalued upon listing. Another positive that has got investors excited is the recent launch of VGI Partners Asian Investments Limited (ASX: VG8), which is a new fund that will invest across Asia. Demand has been strong for the fund, which could support strong performance fees growth in the coming years if things go to plan.
