Guess which ASX All Ords share soared 21% to an 8-year high on Monday

It was an uneventful day on Australian markets with the All Ordinaries Index (ASX: XAO) pushing 1.14% higher to close at 6,796.9.

Meanwhile, tech shares closed the session ahead with the S&P/ASX All Technology Index (ASX: XTX) spiking 1.7% into the green. Yet, these were paltry gains compared to one All Ords share today.

The Silex Systems Ltd (ASX: SLX) share price finished trading 21% higher, well ahead of its peers. It climbed steadily throughout the session and closed at $2.65, its highest mark in eight years. Here’s a graph of the technology company’s share price performance:

What’s up with this All Ords share?

The Silex share price likely caught a bid today following a company announcement made before the open.

Silex has executed a non-binding Letter of Intent (LOI) between Global Laser Enrichment and Duke Energy Carolinas, LLC and Duke Energy Progress, LLC.

The LOI is for the purpose of developing areas of mutual interest and cooperation in the “nuclear fuel supply chain”.

It hones in on several areas of “potential cooperation”, according to Silex.

This includes pushing Global Laser Enrichment’s deployment of the “Silex laser enrichment technology in the United States and the potential acceleration of commercialisation timelines”, the company said.

Global Laser is the exclusive licensee of the Silex laser technology for uranium enrichment. The venture is 51%/49% jointly controlled between Silex and Cameco Corporation.

Speaking on the announcement, Silex CEO Michael Goldsworthy said the LOI was “another positive step” in advancing the company’s US strategy. He added:

As the U.S. Government ramps up initiatives to rebuild its domestic nuclear fuel supply chain and lessen its dependence on nuclear fuel imports, particularly from Russia, we anticipate GLE’s engagement with U.S. nuclear power generators will help support the commercialisation
of the SILEX technology.

In the last 12 months, this All Ords share has surged more than 170% into the green, gaining 99% this year to date.

The post Guess which ASX All Ords share soared 21% to an 8-year high on Monday appeared first on The Motley Fool Australia.

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More reading

• 5 best ASX All Ordinaries shares in June
• Amid the carnage, this ASX tech share just hit an 8-year high

Motley Fool contributor Zach Bristow 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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