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Date : 05/08/2021

Top 2 Growth Stocks Of The Week

Another day, another record high for the ASX Growth Stocks. The increase today however, was marginal. The ASX 200 index moved 0.1% in the positive direction as it closed at 7511.1 points. All Ordinaries benchmark inched 1 point higher to set a new closing peak of 7779.6, despite a largely flat session. In a rather flat session, Real Estate was the best performer today with a 1% gain, while consumer discretionary and financial followed suit with 0.8% and 0.68%, respectively. Among the stocks, NIB Holdings, Nuix, James Hardie were the top 3 performers, and Nickel Mines, FMG, and Champion Iron declining over 3% each. It was a day where the miners fell, but the banks gained.

Top 2 Growth Stocks To Consider

Some of the ASX growth stocks have declined a lot since February 2021, back when the rotation from growth to value began. However, there looks to be renewed and increasing market sentiment surrounding growth shares once again. Without further ado, here are a couple of growth stocks on the ASX to have on your watchlist.

Our List of Growth Stocks Of The Week (ASX: KGN)

Kogan shares began the year very well. After reaching a high of $21.67 a share, it has been downhill as selling pressure mounted. The average volume of trades in Kogan shares has nearly doubled since then – leading to massive corrections in recent weeks. The ecommerce giant operates under several brands in various segments. Their portfolio/business verticals consist of Retail – where the Kogan operates 20 exclusive brands, Marketplace – partners with sellers and proves an eCommerce platform, Mobile in Australia & NZ, nbn Internet, Energy, Insurance, Health, Life, Credit Cards, Home Loans, Super, Cars, Travel, Pet Insurance, Dick Smith, Matt Blatt, and the most recent acquisition of Mighty Ape.

With a couple of operational hiccups in servicing orders and a build up of inventory as retail spending declined in the beginning of the year, KGN shares are looking incredibly cheap now as the KGN share price has declined over 40% this year and now, KGN shares trade at just $11 a share at a time when the Delta variant has put Australia back in lockdown and retail spending is expected to increase.

Seek Limited (ASX:SEK)

Much like the job market in Australia, Seek shares have been in an uptrend since late last year, albeit with a few troughs. SEK shares have been a valiant performer during the tech rout in Feb 2021. SEK shares have grown over 37% in the past year as the Australian job market has gone from strength to strength. Melbourne based Seek engages in the provision of online employment classifieds, education and training services. It operates through the following segments: SEEK Asia Pacific and Americas; SEEK Investments; and Corporate Costs. The SEEK Asia Pacific and Americas segment comprises SEEK ANZ, SEEK Asia, Brasil Online, OCC and AP&A Other, and other businesses. The SEEK Investments segment consists of Zhaopin, Online Education Services and Early Stage Ventures.

Seek has been performing extremely well as of late, and SEK shares have been one of the best blue chip stocks on the ASX recently. SEK shares have returned 53.9% in the past year. The company reported favourable operating conditions and upgraded its full year guidance earlier this quarter. They have also reduced their stake in Zhaopin by diluting from 61% holding to 23.5% and the CEO advised that these proceeds will be paid out as dividends to shareholders. High levels of hiring activity amid a recovery from the pandemic has Seek operating in full swing and it has underpinned the share price action as well and these tailwinds are set to continue for the medium to long term horizon, making SEK shares one to consider for investor portfolios. In the past month, SEK shares have declined by 7.21% and SEK shares closed today at $29.49 a share, a low not seen since May 2021. This decline may have presented a chance to add SEK into investor portfolios and this is definitely one to watch.

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Top 5 ASX Stocks
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