It’s a rough day on the market for most All Ordinaries Index (ASX: XAO) shares, but this stock is bucking the trend to reach its highest price ever. The Ridley Corporation Ltd (ASX: RIC) share price lifted 4.5% to reach $1.84 at its intraday high. For context, the benchmark index is currently down 0.24%.
So, what’s boosting the All Ordinaries share to a record high on Wednesday? Let’s take a look.
But first, what does the ASX All Ordinaries share do?
Market watchers may not be familiar with long-term ASX participant Ridley Corporation.
The company produces animal nutrition products. It offers feed solutions for a broad range of animals, from livestock to fish.
Ridley Corporation has been around for a while. It was formed in 1987 and listed on the ASX later that year. The company boasts a $562 million market capitalisation, according to the ASX.
Ridley Corporation share price hits new record high
The Ridley Corporation share price has been on a roll over the last year or two, lifting past its previous high recorded in 2003.
The stock has been on the up and up since August 2020, helped along by an 18% gain recorded in the days following its financial year 2021 full-year results.
That saw the company resuming its dividend payments after putting them on the back burner through the worst of the pandemic-induced downturn.
Ridley Corporation also reported its profits had quadrupled year on year, lifting to $24.9 million. That’s up from a $10.8 million loss.
The All Ordinaries share’s Wednesday gains might be partly in reaction to the strong performance of its peers.
S&P/ASX 200 Index (ASX: XJO) shares operating in the same sector as Ridley Corporation are lifting on Wednesday, with the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) gaining 0.29%.
Right now, the Ridley Corporation share price is nearly 20% higher than it was at the start of 2022. It has gained close to 55% since this time last year.
The post Amid today’s sell-off, guess which ASX All Ordinaries share just hit an all-time high appeared first on The Motley Fool Australia.
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More reading
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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 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.
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