The All Ordinaries index traded roughly flat last week after recovering from a selloff on Monday.
A number of shares performed notably better than the index over the period. In fact, some even managed to climb so much they hit record highs.
Here’s high these ASX shares are flying high right now:
Coles Group Ltd (ASX: COL)
The Coles share price was on form last week and reached an all-time high of $17.06 on Friday. Investors were buying the supermarket giant’s shares after the release of an update on its first half performance. Management revealed that Coles’ Christmas campaign exceeded expectations, leading to its Supermarkets business delivering comparable sales growth of 3.6% in the second quarter. This ultimately lifted its first half comparable sales growth to 2%, which was ahead of expectations.
Kathmandu Holdings Ltd (ASX: KMD)
The Kathmandu share price zoomed 19% higher on Friday and reached a record high of $3.59. The outdoor and adventure retailer’s shares rocketed higher after it provided an update on its expectations for the first half of FY 2020. For the six months ended January 31, the retailer expects its underlying earnings before interest and tax (EBIT) to be up ~40% on the prior corresponding period. This result includes the benefits of the Rip Curl acquisition, which has performed very positively since its completion on October 31.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price was on form last week and climbed to a record high of $8.45 on Friday. The catalyst for this was the release of the furniture retailer’s half year results last week. During the first half of FY 2020 Nick Scali reported a net profit of $21.6 million. Whilst this was a 15% decline on the prior corresponding period, it was better than its guidance. Nick Scali had previously guided to a first half profit in the range of $17 million to $19 million.
The post Why Coles and these ASX shares just hit record highs appeared first on Motley Fool Australia.
Missed out on these strong gains? Then don't miss out on these growth shares that have been tipped for big things.
Our experts here at The Motley Fool Australia have just released a fantastic report, detailing 5 dirt cheap shares that you can buy in 2020.
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 2.7% 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 to buy now
- 3 quality dividend shares to boost your income
- NEW: Free report names top 3 ASX dividend shares to buy for 2020
- 5 Stocks for Potentially Building Wealth After 50
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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. 2020