On Wednesday the S&P/ASX 200 index closed at a record high of 6,850.6 points. When the benchmark index hit that level, it meant it had gained an impressive 23.2% since the start of the year.
Whilst that is outstanding, some shares on the index have performed even better. Here’s why these shares have doubled in value this year:
The Afterpay Touch Group Ltd (ASX: APT) share price is up a massive 163% this year. Investors have been buying the payments company’s shares thanks to its strong performance in FY 2019 and impressive start to the new financial year. This strong form has been driven by the increasing popularity of its buy now pay later platform with consumers and merchants in Australia-New Zealand, the United States, and now the UK. Its success in these markets appears to demonstrate that the platform has the potential to go global. Another positive is its recent AML/CTF audit which didn’t recommend any sweeping changes to its operating model.
The Fortescue Metals Group Limited (ASX: FMG) share price has stormed a sizeable 154% higher this year. The catalyst for this strong gain has been a material rise in the iron ore price in 2019. The price of the steel making ingredient has rocketed higher this year due to strong demand in China and supply disruption in Australia and Brazil. Combined with Fortescue’s focus on keeping costs down and increasing the grade of its produce, the iron ore miner delivered a bumper profit result in FY 2019. This allowed the company to return billions of dollars to its shareholders through dividends.
The Jumbo Interactive Ltd (ASX: JIN) share price has been on fire again in 2019 and is up 183% year to date. Investors have been fighting to buy the lottery ticket seller’s shares following an impressive FY 2019 result. Jumbo delivered a 64% jump in revenue to $65 million and a staggering 124% lift in net profit after tax to $26.4 million. Pleasingly, management appears confident that this strong form can continue in FY 2020. Furthermore, another positive is its recent expansion into the UK market. If this is a success, it could underpin further strong growth in the coming years.
The post Why Afterpay and these ASX 200 shares have more than doubled in 2019 appeared first on Motley Fool Australia.
Missed these gains? Then you'd be crazy for missing out on these hot stocks at their dirt cheap prices.
Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.
One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…
Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield...
Plus 3 more cheap bets that could position you to profit over the next 12 months!
See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.
- Man bets $221,666 on one ASX stock
- Top analysts name their top 3 ASX blue chip shares for 2019
- 3 quality dividend shares to boost your income
- NEW: Free report names top 3 ASX dividend shares to buy for 2019
- 5 Stocks for Potentially Building Wealth After 50
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Jumbo Interactive Limited. 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