Although the Australian share market ended its winning streak on Wednesday, that didn't stop a number of shares from continuing their positive runs.
In fact, a few shares even managed to climb so much they hit record highs.
Two ASX shares which achieved this feat are listed below. Here's why they are flying high right now:
Afterpay Ltd (ASX: APT)
The Afterpay share price jumped to a new record high of $98.68 on Wednesday. Investors have been buying the buy now pay later provider's shares this year after it delivered further explosive sales and customer growth in FY 2020. This was driven by the accelerating shift to online shopping, its international expansion, and the growing popularity of the payment method with both consumers and retailers.
Yesterday's rise, however, was driven by a positive update on its dealings with AUSTRAC in relation to its Anti-Money Laundering and Counter-Terrorism Financing audit. After considering the final audit report and Afterpay's response to the findings, AUSTRAC has decided it will not be taking any further regulatory action.
Kogan.com Ltd (ASX: KGN)
The Kogan share price stormed to a new record high of $24.45 yesterday. When the ecommerce company's shares hit that level, it meant they were up a massive 227% since the start of the year. As with Afterpay, the accelerating shift to online shopping has been the catalyst for this strong gain. The pandemic has sent millions of consumers online for their shopping, many for the first time, leading to Kogan benefiting greatly.
The good news for Kogan is that even with retail stores now open, it hasn't slowed its growth. Kogan recently revealed that it added 152,000 new customers to its platform during August. This was a record monthly increase and took its total customers to 2,461,000. This led to both its sales and earnings more than doubling during the month.
