After a tumultuous week for the ASX, it seems that the markets have shrugged off the negativity and banked a gain – breaking a two-week losing streak. The S&P/ASX200 (ASX: XJO) index started Monday at 6,517 points, but yesterday finished at 6,607 – a rise of 0.91%
The following ASX shares caught my eye…
My 3 ASX shares of the week
CSL Limited (ASX: CSL)
CSL makes the list after hitting a fresh new all-time high this week. The CSL share price started the week at $243.20, but by the time Friday came around, CSL shares were trading at a new high of $245.99 (although the share price cooled off slightly afterwards and finished up at $244.54).
It seems this week's gain was primarily due to a couple of brokers (including Morgan Stanley and Goldman Sachs) issuing higher price targets for CSL shares. CSL has been one of the most consistent performers over the past decade and shareholders are looking at a return of 32% for this year alone.
Zip Co Ltd (ASX: Z1P)
Zip Co makes the list for a similar reason – recording a new all-time high this week as well. The Z1P share price started Monday at $4.87 but finished up the week at $5.53 after printing a new all-time high of $5.64 on Friday afternoon.
Investors have been fighting over each other to pick up shares of this BNPL player after the company reported some very pleasing numbers a fortnight ago. The Z1P share price is now up an eye-watering 403% in 2019 so far.
AMP Limited (ASX: AMP)
The perennial ASX loser, AMP again makes the list for all the wrong reasons. Shares of the embattled wealth manager hit a new all-time low of $1.58 on Thursday morning.
A Friday notice to the ASX that the BlackRock Group is ceasing to be a substantial holder of the stock probably didn't help either (although as BlackRock manages mostly passive ETFs, I don't think there's too much there).
It appears investors are losing confidence in AMP's management and their plan to turn the ship around.
Foolish Takeaway
With new all-time highs and lows, its been an interesting week on the ASX to say the least. The ASX is closing in on its all-time high that it hit in July, so next week will be an interesting watch.
See you there!
