With the S&P/ASX 200 (INDEXASX: XJO) index starting off the week higher this morning, it might be a good time to catch up with your ASX growth stocks. Growth stocks are inherently defined by their ability to outperform the index in a bull market, so when the tide is rising, growth is where you want to be.
In that vein, here are two ASX growth shares I'm looking at this week.
Zip Co Ltd (ASX: Z1P)
Z1P shares opened 4.5% higher this morning at $5.79 and hit a new all-time high just afterwards of $5.80, before trending slightly lower and sitting at $5.39 at the time of writing. It has been a stellar month for Zip Co – the BNPL player has gone from $3.50 a share just a month ago but is now 54% higher on today's levels.
Investors have been fighting over each other to get a hold of Z1P shares after the company reported better-than-expected revenue, customer and transaction growth last financial year and no signs of a slowdown in sight.
Z1P shares are now up a mind-blowing 410% in 2019 so far. This company remains a must-watch for growth investors going forward.
Jumbo Interactive Ltd (ASX: JIN)
Jumbo is another high-octane ASX growth stock to watch this week. This company specialises in providing popular lottery tickets like Powerball through an online platform and has been bagging huge gains over the last year or two. As the appeal and ease of online gambling continues to rise, I think this company has a nice tailwind to harness for growth.
The recent inclusion of the stock in the ASX 200 index for the first time would also have boosted demand for JIN shares. Exchange traded funds that track the ASX 200 are rebalanced quarterly and so the inclusion of Jumbo would have given the stock some positive momentum. JIN shares started the year at $7.32 but opened this morning at $26.40 – a YTD gain of 260%.
Foolish takeaway
Both of these ASX growth shares have proven themselves to have what it takes to continue their massive success so far. Although both shares are expensive by any measure, this probably won't matter if the two companies can continue to crank out impressive numbers going forward.
