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2 ASX growth shares I’d buy this week

Sebastian Bowen
ASX growth shares

ASX growth shares can play an important role in a capital-building portfolio. The ASX as a whole has proved to be a phenomenal wealth-building machine over the past century, but aiming even higher for above-market growth is a more difficult yet potentially lucrative strategy.

Choosing the right ASX growth shares is of course essential, so here are 2 such growth shares that I think are looking hot this week.

Magellan Financial Group Ltd (ASX: MFG)

Magellan shares had a shaky start this morning, but at the time of writing are up 1.14% to $50 on the dot. This famous fund manager has had a phenomenal year so far, going from around $23 in January to over $60 by late July – almost tripling in value in just 8 months.

Although MFG shares have settled around their current share price, I think the ongoing appeal of Magellan’s outperforming funds and the launch of the new Magellan High Conviction Trust (ASX: MHH) will continue to be a positive tailwind. Thus, I think Magellan is looking appealing today as a growth share.

Afterpay Touch Group Ltd (ASX: APT)

Afterpay shares have once again taken off this morning – rising by over 7.6% at the time of writing to $32.83. Investors have been fighting over APT shares after the company released a final update to AUSTRAC from its independent audit. Afterpay has noted some historical breaches of anti-money laundering laws, but notes these resulted from incorrect legal advice given and now “the majority of these matters have been addressed”.

With some of the regulatory uncertainty now behind Afterpay, a lot of bullish sentiment has clearly returned to the BN-PL player and I think this makes Afterpay a good company to consider today. This is a stock that not too long ago was knocking on $38 a share, so there might be some momentum to capitalise on yet.

Foolish takeaway

I think these 2 ASX growth shares are well worth considering for investors today. Both Magellan and Afterpay are top notch companies that I expect will continue to deliver market outperformance well into the future.

The post 2 ASX growth shares I’d buy this week appeared first on Motley Fool Australia.

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Sebastian Bowen owns shares of Magellan High Conviction Trust. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019