Tuesday is shaping up to be rough one for many All Ordinaries Index (ASX: XAO) shares. Fortunately, though, not all companies that call the index home are suffering.
Indeed, two are soaring into the green to crack new 52-week highs.
Right now, the All Ords is down 0.2%, trading at 7,137.1 points.
So, which stocks are bucking the trend to reach long-forgotten heights? Letâs take a look.
2 All Ords shares trading at 12-month highs
The first All Ords share posting a new 52-week high today is medical device developer Polynovo Ltd (ASX: PNV).
It’s soaring 7.83% at the time of writing to trade at $2.48. However, earlier today, it hit $2.50 â marking an 8.7% gain and the highest the stock has been in 18 months.
Interestingly, thereâs been no news from the healthcare favourite to explain todayâs rise.
In fact, the last time the market heard price-sensitive news from Polynovo was in mid-December when the company announced the end of a $53 million capital raise â offering new shares for $1.90 apiece.
Thus, those who got in on the raise have already seen a 30% return on investment (ROI).
Joining Polynovo in posting a new 52-week high today is fellow All Ords healthcare share Aroa Biosurgery Ltd (ASX: ARX).
It reached its highest point since October 2021 earlier today, leaping to $1.175 â 2.2% higher than its previous close. It has since slipped slightly to $1.1725, representing a 1.96% gain.
Also, like Polynovo before it, the company hasnât released any news to explain its latest gain.
The last piece of price-sensitive news from Aroa Biosurgery, detailing its half-year performance, dropped in late November.
Then, the company announced its product sales grew 44% year-on-year while its normalised earnings before interest, tax, depreciation, and amortisation (EBITDA) was positive.
The post 2 ASX All Ords shares cracking new 52-week highs on Tuesday 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…
See The 5 Stocks
*Returns as of January 5 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
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 PolyNovo. 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/JCtoRNk
Stock Pick 