On a day where the All Ordinaries Index (ASX: XAO) is barely making a move, it’s perhaps surprising that an ASX All Ords share would be making a new all-time record high. Let alone two such ASX shares. But that’s the position we seem to find ourselves in so far this Monday. Yes, while the All Ords is currently up just 0.18% after spending much of the morning in negative territory, two ASX mining shares are making their own highs.
Let’s take a look!
2 All Ordinaries mining shares making new record highs today
Iluka Resources Limited (ASX: ILU)
So the first share to check out is Iluka Resources.
Iluka is a major supplier of titanium minerals, as well as zircon – an ore of zirconium. This company has enjoyed a robust day of trading on the markets so far this Monday, with the Iluka share price currently up a healthy 1.97% at $11.41 a share. However, Iluka went as high as $11.50 a share earlier in today’s trading session. That was a new all-time high for Iluka. That puts this company’s 12-month performance at 60.9%. So what’s been going so right for Iluka that investors are sending it to previously unexplored territory?
Well, a well-received quarterly update last month may have helped. This reported a 54% increase in zircon production over the quarter. Iluka is also scheduled to report its annual earnings in about 10 days, so perhaps some investors are expecting big things and are getting in early too. Whatever the reason, it has certainly been a big day for Iluka Resources.
Capricorn Metals Ltd (ASX: CMM)
Our second ASX mining share is none other than Capricorn Metals. Capricorn is a mining company specialising in gold exploration, with its flagship project being the Karlawinda Gold Project located in Western Australia’s Pilbara region. Capricorn shares are currently priced at $3.61 so far today, up a pleasing 4.34%. But Capricorn rose as high as $3.75 a share earlier this morning, a new record high. That puts this company’s gains over the past year at a very pleasing 116% or so.
So it’s not immediately clear what has caused Capricorn’s new ASX highs. It’s possibly related to the rising gold price we have seen lately. But Capricorn posted a pleasing quarterly update last month as well that could be at play too. This detailed a year-on-year increase in gold production from 24,329 ounces of gold in the previous quarter to 30,316 ounces over the quarter ending 31 December 2021.
Perhaps investors have taken notice. But whatever the reason for Capricorn’s new high today, it’s certainly the latest move in a very impressive recent performance.
The post 2 All Ordinaries mining shares smashing all-time highs today appeared first on The Motley Fool Australia.
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Motley Fool contributor Sebastian Bowen 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 Bruce Jackson.
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