ASX stock of the day: Why are Netwealth (ASX:NWL) shares up 7%?

The Netwealth Group Ltd (ASX: NWL) share price is surging today, up 6.78% to $17.02 at the time of writing. Netwealth shares had closed at $15.88 a share yesterday, and opened at $16.25 this morning, climbing as high as $17.17 before settling at their current level.

At this level, the Netwealth share price has delivered a year-to-date return of more than 110% to investors, making it one of the best performing ASX financials shares of 2020 so far.

In fact, coming off the 52-week low of $4.80 we saw back in March, Netwealth is up more than 220%. In saying that, the company is still not at its 52-week high at these levels. Netwealth shares hit $18.67 back in mid-October, and remain almost 10% off that level even after today’s…