The ASX is suffering today in what could be a reaction to a disastrous session in the United States. But, interestingly, one All Ordinaries Index (ASX: XAO) share has been thriving.
While most of Australia slept, the Nasdaq Composite Index (NASDAQ: .IXIC) tumbled 3.3%. Meanwhile, the S&P 500 Index (SP: .INX) slipped 1.9% and the Dow Jones Industrial Average Index (DJX: .DJI) slid 1%. This may have put substantial pressure on ASX shares, particularly those in the tech sector.
Right now, the S&P/ASX 200 Index (ASX: XJO) is down 1.87% and the S&P/ASX All Technology Index (ASX: XTX) has plunged 5.65% lower.
Meanwhile, the All Ordinaries Index is down 1.84%. So, which All Ords share has managed to dodge the carnage and soar to a new multiyear high?
This ASX All Ordinaries share is surging to new heights today
Earlier today, the Ridley Corporation Ltd (ASX: RIC) share price reached a high of $1.63 – the highest it’s been since 2015.
However, it has since dipped. Currently, it’s flat with its previous close, trading at $1.58. Though, that’s 20% higher than it was 30 days ago.
So, what might be saving the All Ordinaries livestock feed company’s stock from tumbling today? Let’s take a look.
What might be buoying the Ridley share price?
The last time the market heard price-sensitive news from Ridley – aside from during its annual general meeting – was when it released its results for the financial year 2021.
Then, the company announced it had returned to profitability. It posted increases to its earnings before interest, tax, depreciation, and amortisation (EBITDA) and a $24.8 million after-tax profit. And, according to some industry experts, its strong performance might continue this year.
The Australian Government’s latest Agriculture Overview forecasts the value of farm production will reach a record $78 billion over 2021/2022.
While Ridley doesn’t produce agricultural commodities, it works closely with those that do. Thus, what’s good news for farmers is likely to be good news for Ridley.
However, Ridley is far from the only ASX All Ordinaries share to be gaining today.
The company is joined in the green by Cyclopharm Limited (ASX: CYC) and Panoramic Resources Ltd (ASX: PAN), both recording gains of more than 6% today.
Meanwhile, some of the index’s tech shares, including Humm Group Ltd (ASX: HUM) (which became the subject of a takeover offer today) and Freelancer Ltd (ASX: FLN), are also trading higher.
The post This ASX All Ordinaries share has defied today’s sell-off to hit a new 6-year high appeared first on The Motley Fool Australia.
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More reading
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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 recommended Freelancer Limited and Humm Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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