After a strong start to the week, the All Ordinaries Index (ASX: XAO) has slipped into the red on Monday afternoon. But not all is dire. Some of its constituents smashed their 52-week highs earlier today. In fact, one All Ordinaries share penned a new record high on Monday morning.
At the time of writing, the benchmark index is down 0.01%.
Let’s take a look at what’s driving these ASX All Ordinaries shares to multi-year highs.
3 ASX All Ordinaries shares hitting long-forgotten heights
Stanmore Resources Ltd (ASX: SMR)
First off the block is Stanmore Resources. The All Ordinaries share reached a new record high of $2.84 earlier today despite no news having been released by the company.
For those who aren’t acquainted with Stanmore Resources, the company is a coal producer with operations in the Bowen and Surat basins.
Thus, its stock might be rising alongside thermal coal prices. The black rock’s value surged another 1.2% on Friday, reaching US$417.25 a tonne, according to CommSec.
That sees the commodity nearing the all-time high of $435 it hit back in March.
Elders Ltd (ASX: ELD)
The Elders share price leapt nearly 12% earlier today to reach its highest point in more than 12 years today. The All Ordinaries share traded at $15.32 at its intraday high on Monday.
Its gains followed the release of the company’s half year results within which it upgraded its financial year 2022 guidance.
The agribusiness posted a 38% jump in sales revenue, an 80% increase in earnings before interest and tax (EBIT), and a 40% boost to its dividend for the first half.
It now expects its full year EBIT to be 30% to 40% higher than that of financial year 2021.
Grange Resources Limited (ASX: GRR)
Finally, the Grange Resources share price reached a new mutli-year high on Monday. The All Ordinaries share leapt to $1.67 today – marking its highest point since 2008.
The company mines iron ore and produces iron ore pellets. Thus, its gains might have been born from rising iron ore futures.
It rose 2.5% to reach US$134.36 on Friday following news that China cut its benchmark reference rate for mortgages more than the market expected, according to CommSec.
The post 3 ASX All Ordinaries shares starting the week with new 52-week highs appeared first on The Motley Fool Australia.
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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 recommended Elders Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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