3 ASX All Ordinaries shares going gangbusters on Tuesday

The All Ordinaries index (ASX: XAO) is back on form on Tuesday following a very strong night on Wall Street.

While a good number of ASX All Ordinaries shares are pushing higher today, three have been standout performers with particularly strong gains. Here’s why these All Ords shares are on fire today:

Australian Ethical Investment Ltd (ASX: AEF)

The Australian Ethical share price is up 8.5% to $4.61. This is despite there being no news out of the ethical fund manager.

Though, with its shares down by two-thirds this year amid weakness in the fund manager industry and increasing competition in ethical investing, some investors may believe they have been oversold and are snapping them up today.

Bigtincan Holdings Ltd (ASX: BTH)

The Bigtincan share price is bouncing back after being sold off in recent sessions. At the time of writing, the sales enablement platform provider’s shares are up 7.5% to 57.5 cents.

Investors have been selling down the Bigtincan share price in recent sessions after the company decided to raise capital while still the subject of a takeover approach. The selling had been so strong that even after today’s sizeable gain, the company’s shares are still trading below the capital raising offer price of 60 cents per new share, which was a 16.7% discount to its share price at the time.

As things stand, its suitor, SQN, hasn’t withdrawn its 80 cents per share takeover proposal. Though, it was very unhappy with management’s decision to raise capital.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price has rebounded from a selloff on Monday and is up 15% to $1.38. Investors were selling off this payments company’s shares yesterday after takeover talks with Potentia and Westpac Banking Corp (ASX: WBC) ended.

And while there are rumours circling that Tyro may need to raise capital soon, that hasn’t stopped investors from piling in today. They may believe that there’s still hope that an improved takeover proposal could be tabled in future.

The post 3 ASX All Ordinaries shares going gangbusters on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Top ASX dividend shares to buy in December 2022
• Why Bigtincan, Nanosonics, Origin, and Tyro shares are sinking today
• Westpac share price slumps as Tyro takeover scrapped
• Tyro share price crashes 22% after ending takeover talks with Westpac and Potentia
• Bought $1,000 of Westpac shares 10 years ago? Here’s how much dividend income you’ve received

Motley Fool contributor James Mickleboro has positions in Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Australian Ethical Investment, Bigtincan, and Tyro Payments. The Motley Fool Australia has positions in and has recommended Bigtincan. The Motley Fool Australia has recommended Australian Ethical Investment, Tyro Payments, and Westpac Banking. 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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