2 ASX All Ordinaries shares rocketing over 10% today

Man pointing at a blue rising share price graph.Man pointing at a blue rising share price graph.

S&P/ASX All Ordinaries (ASX: XAO) shares are up 0.4% to 7,180.5 points in late afternoon trading.

As always, there are outlier performers within the index every day, and on Friday we see two miners climbing the charts by more than 10%.

Let’s take a look at the details.

Kingsgate Consolidated Limited (ASX: KCN)

Among the best-performing ASX All Ordinaries shares today is gold miner, Kingsgate.

The Kingsgate share price is up 21% to $1.79 at the time of writing.

Investors have been bidding up the shares after the miner announced the official reopening of its Chatree Gold Mine in Thailand.

What will follow now is work to recommission Plant No. 2 and the ramp-up to full capacity.

Kingsgate management described it as “a truly remarkable moment.”

Kingsgate’s executive chair, Ross Smyth-Kirk, said:

We have always believed that having the mine operate again is the best possible outcome, and I would like to personally thank all our loyal staff who have worked so hard to make this happen and all our loyal shareholders who have stuck with us through thick and thin over the past 6 years.

Energy Resources Of Australia Ltd (ASX: ERA)

This ASX All Ordinaries share reached an intraday high of 23 cents today, a 15% increase on yesterday’s close.

Currently, Energy Resources shares are trading for 22 cents, up 7.5% for the day.

There is no ASX news relating to the ASX uranium share today. The price of uranium fell 0.6% overnight, and it is down 3.86% over the past month, according to Trading Economics.

So, we wonder if this week’s announcement of an AUKUS nuclear submarines deal has perhaps prompted some attention from speculative investors.

Almost twice the 30-day average volume of trading for Energy Resources shares has occurred today.

Australian Prime Minister Anthony Albanese announced the AUKUS deal on nuclear subs this week alongside United States President Joe Biden and British Prime Minister Rishi Sunak in San Diego.

This deal involves a few elements. One will be that Australia will begin building its own nuclear subs later this decade, and will also purchase three Virginia-class nuclear subs from the US in the early 2030s.

An SSN-Aukus nuclear sub will be designed using the best of UK design and US technology to create a new attack fleet for the UK and Australia.

This bodes well for the future of uranium demand to help power the subs. This might have speculative investors moving on Energy Resources shares today.

Rio Tinto Ltd (ASX: RIO) owns 86% of Energy Resources shares.

The post 2 ASX All Ordinaries shares rocketing over 10% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen 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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