3 ASX All Ords shares dodging selling pressure on Wednesday

It’s a rough day on the ASX for many listed companies, but these All Ordinaries Index (ASX: XAO) shares are dodging the downturn.

There’re lifting as much as 4% on Wednesday. Let’s take a closer look at what’s buoying them in today’s sea of red.

Right now, the All Ords is down 1.27%.

3 ASX All Ords shares recording decent gains today

Liontown Resources Limited (ASX: LTR)

The share price of ASX All Ords lithium explorer and developer Liontown Resources is taking off on Wednesday. It’s gaining 3.76% at the time of writing to trade at $1.11.

Its gains come as the company announced it has approved the development of the Kathleen Valley lithium project following another major offtake agreement.

The latest offtake agreement has been penned with Ford. It will see the lithium company providing the automaker with up to 150,000 dry metric tonnes of spodumene concentrate annually.

The two companies have also shaken on a $300 million debt facility to go towards the project’s development.

Weebit Nano Ltd (ASX: WBT)

Fellow All Ords share Weebit Nano is also in the green today. It’s trading at $2.24, 4.19% higher than its previous close.

It follows news that the company has taped-out demonstration chips integrating its Resistive Random-Access Memory (ReRAM) module to SkyWater Technology’s foundry.

The company notes the agreement is a major milestone toward commercialisation, marking the first tape-out of Weebit’s ReRAM technology to a production fab.

Star Entertainment Group Ltd (ASX: SGR)

Finally, the share price of ASX All Ords stock Star Entertainment is surging 3.32% higher to reach $2.80. The gain comes on news that the company has found a new CEO.

And it’s none other than the current boss of Tyro Payments Ltd (ASX: TYR), Robbie Cooke.

Cooke previously held the CEO role at wagering business Tatts Group and tourism giant Wotif.com – both of which were previously ASX-listed.

Star Entertainment interim chair Ben Heap commented on Cooke’s suitability for the role, saying:

Given The Star’s significant investments to develop world-class tourism and entertainment destinations in South East Queensland and Sydney, the company will benefit significantly from both [Cooke’s] understanding of the industry’s regulatory environment and extensive insights and experience across the hotel and broader hospitality sector.

The post 3 ASX All Ords shares dodging selling pressure on Wednesday appeared first on The Motley Fool Australia.

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More reading

• Why is the Weebit Nano share price charging 5% higher today?
• These 3 ASX All Ordinaries shares are hitting new 52-week lows today
• ASX 200 midday update: Carsales sinks, Liontown jumps on Ford agreements
• Liontown share price jumps 17% following ‘momentous milestone’
• Tyro share price sinks 20% to new record low, what’s going on?

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 positions in and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. 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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