On a day when the ASX 200 is going nowhere, these popular "coronavirus shares" are hitting record highs

"Coronavirus shares" such as Afterpay Ltd (ASX:APT) and NEXTDC Ltd (ASX:NXT) are racing to new record highs despite a subdued performance by the ASX 200…

coronavirus positioned on stock market graph, asx shares

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It has been a reasonably subdued start to the week for the S&P/ASX 200 Index (ASX: XJO).

Although it is up modestly this afternoon, for most of the day the benchmark index has been trading largely flat.

But that hasn't stopped a group of shares from continuing to print new highs.

The nine shares listed below have been positive performers today and have all hit new highs thanks to their strong performance during the coronavirus pandemic. Here's what is driving them to new highs:

Online shopping winners.

With retailers forced to close their doors at the height of the pandemic, shoppers had to shift their purchasing online. The good news for those with strong online offerings is that this trend has continued even after most retailers reopened. This afternoon the Adairs Ltd (ASX: ADH) share price hit a record high of $3.54 and the Redbubble Ltd (ASX: RBL) share price climbed to a new high of $3.94. Both companies reported stellar sales growth this month. This shift to online shopping has also been a big boost to buy now pay later providers. As such, it'll be no surprise to learn that the Afterpay Ltd (ASX: APT) share price has hit a record high of $83.00.

The shift to the cloud.

It's not only shopping that is going online. With many workers out of the office and working from home, the usage of cloud-based software has been growing strongly. This has led to a surge in demand for capacity in data centres across the country. It's no wonder then that data centre company NEXTDC Ltd (ASX: NXT) hit a record high of $12.24 today. In addition to this, the Megaport Ltd (ASX: MP1) share price rose to an all-time high of $17.02 on Monday. The network-as-a-service provider reported very strong growth in FY 2020.

Social distancing restrictions.

Finally, another group of ASX shares are benefiting from social distancing restrictions. The Marley Spoon AG (ASX: MMM) share price continued its positive run and hit a record high of $3.80 on Monday. Lockdowns and restaurant closures have accelerated the adoption of meal kit delivery services and led to explosive sales growth from Marley Spoon this year. Carsales.Com Ltd (ASX: CAR) is benefiting from an aversion to public transport use and the shift to online shopping. Its shares hit a record high of $21.17 today. And then Nick Scali Limited (ASX: NCK) and Wesfarmers Ltd (ASX: WES) shares have both hit new highs today amid increasing demand for furniture and home improvements. With people spending more time at home, they appear intent on improving their surroundings.

James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO and Wesfarmers Limited. The Motley Fool Australia has recommended carsales.com Limited and MEGAPORT FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Record Highs

a man wearing a gold shirt smiles widely as he is engulfed in a shower of gold confetti falling from the sky. representing a new gold discovery by ASX mining share OzAurum Resources
ETFs

7 hugely popular ASX ETFs smashing new record highs on Wednesday

Do you own any of these lucky ASX ETFs?

Read more »

Man smiling at a laptop because of a rising share price.
Record Highs

This ASX 200 share is breaking records amid a massive $300 million investment

This ASX 200 share made a triumphant return to trading today.

Read more »

A woman on holiday stands with her arms outstretched joyously in an aeroplane cabin.
Travel Shares

Big ASX news: Qantas share price hits record high

Qantas is defying the market to fly to new heights this Wednesday...

Read more »

Three Archer Materials scientists wearing white coats and blue gloves dance together in their lab after making a discovery
Record Highs

Superstar ASX 200 healthcare stock snags record high amid $32 million deal

The second multi-million-dollar deal in less than two weeks.

Read more »

ETF written in gold with dollar signs on coin.
ETFs

5 popular ASX ETFs smashing new record highs today

Do you own any of these high-flying funds?

Read more »

Green stock market graph with a rising arrow symbolising a rising share price.
Record Highs

Boom! The ASX 200 just rocketed to new all-time highs

ASX 200 investors just sent the benchmark into uncharted territory.

Read more »

A US flag behind a graph, indicating investment in US shares
Record Highs

S&P 500 cracks another new record high: Can US stocks keep charging higher?

Investors just sent the S&P 500 to a new all-time high. Now what?

Read more »

Man smiling at a laptop because of a rising share price.
Index investing

Should you buy the Vanguard MSCI Index International Shares ETF (VGS) at all-time ASX highs?

Is it too late to buy this index fund?

Read more »