3 ASX All Ordinaries shares leaping 5% or more on Wednesday

A man leaps from a stack of gold coins to the next, each one higher than the last.

A man leaps from a stack of gold coins to the next, each one higher than the last.The All Ordinaries Index (ASX: XAO) is having a bit of a rough time of it today, down 0.6% after earlier posting losses of more than 1.1%.

But not all ASX All Ordinaries shares are lagging.

Below we look at 3 of today’s outperformers.

ASX All Ordinaries shares bucking today’s selloff

First up we have Syrah Resources Ltd (ASX: SYR).

The Syrah Resources share price is up an impressive 8.9% at time of writing, trading at $1.80 per share.

The miner’s primary focus is the production and sale of natural flake graphite from its Balama Graphite Operation in Mozambique.

Syrah looks to be benefiting from some potential profit hunting after the ASX All Ordinaries share fell 4.3% yesterday.

The company also released its quarterly activities report for the 3 months ending 31 March today, with some strong results.

Among the highlights, Syrah Resources reported growth in demand for its Balama natural graphite end uses, citing an 80% year-on-year increase in global electric vehicle sales in the Q1. It also reported a “significant sales order book” with more than 90 kilotons of natural graphite sales orders in the upcoming quarters.

Moving on…

Iron ore rebound lifting miners

Our second ASX All Ordinaries share to gain strongly today is Mount Gibson Iron Limited (ASX: MGX), up 9.1%.

As the name suggests, Mount Gibson mines iron ore, primarily out of Western Australia.

The company looks to be benefiting from 2 factors helping support the price of other ASX iron ore miners today as well.

First, Mount Gibson’s share price plummeted 13.5% in yesterday’s trading, meaning there’s likely some bargain hunting afoot.

Second, yesterday’s plunge came after iron ore prices crumbled 9.7% on fears that China’s zero-COVID policies could hamstring its economy and appetite for Australian iron ore.

Today, iron ore prices lifted 2.4% to US$138.95 per tonne, likely helping boost the Mount Gibson Iron share price.

Another strong ASX All Ordinaries share on Wednesday

Finally, we move on to Downer EDI Limited (ASX: DOW).

The integrated services company was up a notch over 5% earlier this afternoon and is currently up 4.9% from yesterday’s closing price of $5.09 per share.

Like our other 2 ASX All Ordinaries shares above, Downer looks to be partly benefiting from some bargain hunting, after its shares fell 7.6% yesterday.

Downer also released its investor day presentation this morning.

Potentially driving ASX investor enthusiasm, the company forecasts a weighted average compound annual growth rate (CAGR) of 7-8% in its urban services portfolio. The company also reported on new energy and decarbonisation opportunities across its customer base.

The post 3 ASX All Ordinaries shares leaping 5% or more on Wednesday appeared first on The Motley Fool Australia.

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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.

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