Markets may be tanking but there are two ASX shares on the All Ordinaries Index (ASX: XAO) that are shooting the lights out on Thursday.
The two have surged by more than 10% each – an impressive gain on any day. But it’s particularly notable today when the broader market is losing 1.6% due to a brutal sell-off on Wall Street overnight.
All Ordinaries biotech share gets extra shot in the arm
One of the outperformers is the Imugene Limited (ASX: IMU) share price, which rallied 20.59% to 20.5 cents at the time of writing.
The biotech is still basking in the glow of yesterday’s Phase 1 clinical trial update. The first patients with advanced solid cancers have been dosed with Imugene’s CF33-hNIS (Vaxinia).
The trial is being undertaken at City of Hope, one of the largest cancer research and treatment organisations in the United States.
Preclinical tests have shown the treatment can shrink colon, lung, breast, ovarian, and pancreatic cancer tumours.
However, even with today’s big surge, the Imugene share price is still 45% underwater over the last 12-months.
Junior mining share hitching a lift from Hyundai
Meanwhile, the Arafura Resources Limited (ASX: ARU) share price has rocketed up 14.29% to 40 cents at the time of writing.
Investors are excited that the rare earths miner signed a memorandum of understanding (MoU) with Hyundai Motor Company.
The MoU clears the way for Arafura and Hyundai to negotiate an offtake agreement for the ASX miner’s NdPr Oxide sourced from its Nolans Project.
The All Ordinaries share is hoping to sell 1,000 to 1,5000 tonnes a year of NdPr oxide to Hyundai, which will use it to make natural magnets for electric vehicles.
The MoU is non-binding, which means there is nothing stopping Hyundai from walking away. But it’s always exciting for a junior ASX miner to be courted by a global customer.
The significant jump in the Arafura share price today means it is up 136% over the past 12 months.
In contrast, the All Ordinaries has only managed a gain of 2% over the same period.
The post 2 ASX All Ordinaries shares having a cracking day, despite the carnage 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
- Why Aristocrat, Arafura, Calix, and Strike Energy shares are charging higher
- ASX 200 midday update: Aristocrat’s earnings beat, Webjet flops, retailers smashed
- Arafura share price surges 18% on Hyundai deal
- Here’s why the Imugene share price just got a boost
- Battery-powered! 3 ASX mining shares up more than 50% in 2022
Motley Fool contributor Brendon Lau 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 Scott Phillips.
from The Motley Fool Australia https://ift.tt/KJnlMD3
Leave a Reply