Retailers have stepped up their game to emerge as some of the top-performing ASX shares this week.
Many of the top performers have not announced any market sensitive news or updates. This could reflect broader strength and investor interest coming into the seemingly overlooked retailers.
The strong performance has also come about after many months of trading in a sideways fashion. These ASX shares have finally managed to break out spectacularly, many of which have hit new record highs.
Here are the seemingly overlooked retailers that have topped the market.
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Adairs Ltd (ASX: ADH)
The Adairs share price has cruised 10% higher this week to a record high of $4.90. The company has not released any market sensitive news besides an inclusion into the ASX300 on 12 March and half-year results on 16 February.
Its shares have been consolidating between the $4.20 and $3.80 level since October 2020. But during this time, the ASX200 has managed to gain 15% from 6,150 to 7,055. Adairs finally managed to push above its trading range this week and just a fraction off $5.00.
Eagers Automotive Ltd (ASX: APE)
ASX automotive shares have received several broker upgrades following tailwinds, such as changing attitudes towards public transport and a potential increase in domestic travel via vehicles.
Eagers Automotive shares climbed 8.60% this week to a record high of $16.80. Morgan Stanley, Morgans and UBS were all buy-rated on Eagers shares with an average target price of $17.10.
Super Retail Group Ltd (ASX: SUL)
Automotive and outdoor retailer Super Retail Group has also captured the tailwinds behind ASX automotive shares.
Super Retail shares are up 5.30% this week to $12.72 and about 7% shy of their previous high of $13.90 set in November 2013. In a similar fashion as Adairs, Super Retail Group has not announced any market sensitive news since its strong half-year results on 17 February. Its shares were chopping back and forth between $11.00 and $12.00 before a breakout this week.
Nick Scali Limited (ASX: NCK)
Nick Scali shares added 4% this week to close at $11.02 today. Surprisingly, its share price resembles the tech sector's timeline, experiencing a selloff during late February, hitting a near-term low in March before making a recovery in April.
The company follows the theme so far with no market sensitive announcements besides a JobKeeper update on 8 February and half-year results on 4 February.
Dusk Group Ltd (ASX: DSK)
The Dusk share price is up 5.2% this week to $3.63.
The company made its ASX debut on 2 November 2020 at an offer price of just $2.00 or a 70% return for those that participated in the initial public offering.
Surprisingly, a candle selling retail business has managed to outperform seemingly more exciting IPOs from last year, such as Adore Beauty Group Ltd (ASX: ABY), Laybuy Group Holdings Ltd (ASX: LBY) and MyDeal.com.au Ltd (ASX: MYD).
