2 ASX growth shares I’m watching this week

Although the ASX had a very shaky week last week, the markets have opened higher today with the S&P/ASX200 (ASX: XJO) up 0.35% at the time of writing and things are looking nice and calm as we start another week. For me, this means it’s a good time to go on the hunt for some growth stocks that might have been a bit battered by the market turbulence.

So without further ado, here’s 2 ASX growth shares I’ve got my eye on this week

REA Group Limited (ASX: REA)

The REA share price is trading 1.5% higher today – going for $107.33 at the time of writing – but REA is still well below the all-time high of $110.48 that the stock reached early last week. REA has proved its mettle consistently and I regard the company as one of the best ASX growth stocks out there.

Its dominance of the online property market in Australia, as well as its expansion into other areas of the property market like home loans and data, make it a compelling investment, in my view. If the markets continue to recover, it’s likely that this stock will push higher still, and so this stock is one worth watching for me this week.

Beach Energy Ltd (ASX: BPT)

Although resource companies are usually hard to place in the ‘growth stocks’ pigeon-hole, I think the Beach share price performance over 2019 so far (up over 90%) makes this ASX oil producer an exception. Although the Beach share price is impacted significantly by the underlying price of crude oil, the quality of the company and its focus on low costs of production mean that it should continue to produce healthy growth regardless of what the price of oil is doing. However, if global tensions continue to push the oil price higher, I expect Beach shareholders to continue to benefit handsomely going forward – making this stock a great one to keep an eye on this week.

Foolish Takeaway

Although growth stocks have been outperforming the ASX 200 over the last couple of years, shaky markets can also result in bigger falls. This gives us a great opportunity to load up when cheap prices present themselves, so I think this week is a great time to consider adding some shares to your favourite growth stocks.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group 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

Source link Finance News Australia

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