3 ASX All Ords shares rocketing over 10% today

The ASX All Ordinaries index is having a decent session. In afternoon trade, the index is up 0.3%.

While this is positive, it is nothing compared to some of the gains being made on the index on Thursday.

Here’s why these ASX All Ords shares are up over 10% today:

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up 12% to $1.36. This is despite there being no news out of the mineral exploration company on Thursday.

However, it is worth highlighting that the ASX All Ords share has been hammered over the last 12 months. So, this could mean that bargain hunters are swooping in today.

In addition, short sellers have been targeting its shares. It’s possible that some short sellers are buying shares to close their positions.

Magnetic Resources NL (ASX: MAU)

The Magnetic Resources share price is up 12% to $1.09. Investors have been buying the gold developer’s shares following the release of the pre-feasibility study (PFS) from the 100% owned Lady Julie Gold Project in Western Australia.

As you might have guessed from the share price reaction, the study has delivered strong results.

According to the release, the PFS confirms that Lady Julie is a financially robust project with low-cost, high margin gold production of 720,000 ounces over a nine-year life of mine.

Management estimates that this will generate total EBITDA of A$982 million at a gold price of A$2,800 per ounce. Furthermore, this increases to A$1,191 million based on current spot prices.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 13% to $1.32. This has been driven by the release of a broker note out of UBS this morning.

According to the note, the broker has upgraded Zip’s shares to a buy rating with a $1.43 price target from just 36 cents.

UBS has been impressed with Zip’s improving profitability and user growth in the key United States market. It also believes that its margins can improve from cost control efforts and new product launches.

The post 3 ASX All Ords shares rocketing over 10% today appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro 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 Zip Co. 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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