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Last week the Australian share market was back on form and recorded a solid weekly gain.
While the majority of shares on the market pushed higher, some climbed more than most.
In fact, the three ASX shares listed below climbed so much they hit new record highs. Here's why they are on fire right now:
The Kogan.com Ltd (ASX: KGN) share price continued its positive run and hit a record high of $14.75 on Friday. The ecommerce company's shares have been on fire over the last few months thanks to its stellar sales and profit growth during the pandemic. The company recently took advantage of this strong share price performance to raise funds via a capital raising. It intends to use the proceeds for value accretive acquisitions.
The Sezzle Inc (ASX: SZL) share price climbed to a record high of $4.16 at the end of last week. Investors have been piling into the buy now pay later industry over the past few weeks on the belief that the pandemic has accelerated the adoption of the payment method and the shift to online shopping. In addition to this, earlier this month it was announced that Sezzle would be one of a number of shares added to the All Ordinaries index. This is likely to have led to increased demand for its shares from fund managers with strict mandates and index-tracking ETFs.
The Splitit Ltd (ASX: SPT) share price zoomed to a record high of $1.92 last week. As well as benefiting from increased interest in the buy now pay later space, investors were buying Splitit's shares after a positive announcement. That announced revealed that the company has signed a partnership with payments giant Mastercard. This follows a similar partnership with Visa in March. Time will tell whether these partnerships have a material impact on its performance, but I'm not overly confident it will be enough to justify its current +$500 million valuation.
