The All Ordinaries Index (ASX: XAO) fell today, but some All Ords shares bucked the trend.
The All Ords Index slipped 1.45% to close at 7240.40 points. In comparison, the S&P/ASX 200 Index (ASX: XJO) shed 1.42%.
Let’s take a look at three All Ordinaries shares that defied the broader index today.
Megaport Ltd (ASX: MP1)
The Megaport share price climbed 2% today to end the day at $6.12. Megaport shares outperformed the technology sector, with the S&P/ASX All Technology Index (ASX: XTX) down 1.25%.
Megaport could be benefiting from positive broker outlook. Goldman Sachs recently placed a $13.10 price target on the company’s shares. This is more than double the current share price.
Citi also recently retained its buy rating but slashed its price target by 26% to $12.30 — still a potential upside of more than 100%.
This ASX All Ordinaries share has a global presence with more than 700 data centres. Goldman predicts the company will grow rapidly in future years as cloud and multi-cloud adoption increases.
Lovisa Holdings Ltd (ASX: LOV)
Lovisa Holdings shares leapt 3.54% in today’s trade to close at $14.03. Lovisa is an Australian jewellery retailer which now has a presence in 15 countries globally.
Lovisa shares are recovering after sliding on Tuesday afternoon after the Reserve Bank of Australia (RBA) lifted rates by 0.5%. Despite plunging by 30% year to date, investors appear to be optimistic the ASX All Ordinaries share can make a recovery.
Morgans has recently placed an add rating and $24 price target on the company’s shares. This is a massive 71% upside on the current share price.
Analysts are optimistic about the company’s global growth plans, as my Foolish colleague James reported. Morgans said: “LOV may just prove to be one of the biggest success stories in Australian retail.”
5E Advanced Materials Inc (ASX: 5EA)
The 5E Advanced Materials share price jumped 4.5% today — the biggest gain of any ASX All Ordinaries share –to finish the day at $3.48. The minerals exploration and production company’s shares jumped 7% in earlier trade before retreating. In contrast, the S&P/ASX 200 Materials Index (ASX: XMJ) slid 2.23% today.
5E Advanced Materials has not released any news to the market today. However, on Tuesday it revealed it has signed a non-binding letter of intent for the supply of boron with Corning Incorporated (NYSE: GLW). The company will work with Corning to develop and supply boron for Corning’s products.
Commenting on the deal, CEO Henri Tausch said: “Today’s announcement marks another key milestone for the company as we have now secured an LOI with one of the largest technical glass manufacturers in the world.”
The post 3 ASX All Ordinaries shares that defied Thursday’s slump to leap higher appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended Lovisa Holdings Ltd and MEGAPORT FPO. 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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