Tuesday is proving to be a rocky day for many ASX shares, with both the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) in the red.
Right now, the All Ordinaries Index is down 0.66%, but these mining shares are bucking the trend to trade at their highest point in at least a year.
So, which All Ordinaries miners are outperforming the market on Tuesday? Let’s take a look.
3 ASX All Ordinaries mining shares hitting new highs
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price has continued on its multi-day surge to reach $4.36 at its intraday high.
That’s a new all-time high for the All Ordinaries mining share and 170% higher than its 52-week low.
The last time the market heard news from Capricon Metals was on Friday. Then, the gold producer released encouraging early assay results from its Mt Gibson Project.
Additionally, the price of gold is moving higher, likely bolstering interest in ASX gold stocks.
According to data from CNBC, gold futures are currently up 0.7% to US$1962.30 an ounce.
Red 5 Limited (ASX: RED)
The Red 5 share price is also in the green on Tuesday, rising 4% to trade at 42 cents. That’s the highest the All Ordinaries mining share has traded at in nearly nine years.
While there’s been no price-sensitive news from the gold producer since February, the company announced the restart of underground mining at its King of the Hills project last week.
The project is still on budget and its production is on track to kick off this quarter.
Additionally, the rising price of gold has likely helped boost the stock today.
SSR Mining Inc (ASX: SSR)
The final ASX All Ordinaries mining share hitting new 52-week highs today is SSR Mining. It reached $30.90 in intraday trade – the highest it’s been since shortly after it listed in 2020.
There’s nothing obvious to explain the gold producer’s stocks gain today.
Though, it might also be being helped along by the rising price of gold.
The post 3 ASX All Ordinaries mining shares smashing 52-week highs today appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- Here’s why the Capricorn Metals share price is shooting 7% higher today
- Top brokers name 3 ASX shares to buy next week
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/dri10bn
Leave a Reply