Itâs a good day to be invested in these All Ordinaries Index (ASX: XAO) shares â theyâre leaping as much as 17.5% at the time of writing.
And there appears to be a single driver of their gains. That is, a whopping plan to create a $15.7 billion lithium entity.
Right now, the All Ordinaries is down 0.2% at 7,434.3 points.
Letâs take a look at the news seemingly driving three ASX All Ordinaries shares sky-high on Thursday.
3 ASX All Ordinaries shares soaring more than 14% today
Allkem Ltd (ASX: AKE)
Itâs a good day for ASX All Ordinaries lithium share Allkem Ââ it’s leaping 15.8% right now to trade at $14.945. And for good reason.
The lithium favourite announced its plan to merge with Livent Corp (NYSE: LTHM) overnight.
After the all-scrip merger â expected to finalise later this year â the lithium producer born from their unification will be worth around $15.7 billion.
Allkem shareholders will retain around 56% of that company while Livent investors will walk away with a 44% interest.
Galan Lithium Ltd (ASX: GLN)
The news appears to be putting wind under the wings of many All Ordinaries lithium shares today.
Galan Lithium stock is currently the indexâs best performer, having gained 17.5% to trade at $1.21 at the time of writing.
Such gains might suggest the market believes the company behind two projects in Argentinaâs Hombre Muerto Salar and another in Western Australia could also be a target for merger and acquisition activity.
Lake Resources N.L. (ASX: LKE)
Meanwhile, the Lake Resources share price is in third position on the All Ordinaries right now, rising 14.7% to reach 58.5 cents.
Its gains are also likely a reflection of Allkemâs merger plan. However, the boost isnât nearly enough to put the stock back into the longer-term green.
Shares in the company behind the Kachi Lithium Project have plummeted 24% since the start of 2023 and 60% over the last 12 months.
The post 3 ASX All Ordinaries shares rocketing over 14% on Thursday appeared first on The Motley Fool Australia.
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More reading
- Why are Allkem shares rocketing 14% higher today?
- Own Lake Resources shares? Here’s when the lithium miner is forecast to become profitable
- 5 things to watch on the ASX 200 on Thursday
- Allkem share price on watch amid $15.7b mega lithium merger with Livent
- Here are the top 10 ASX 200 shares today
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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