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Highlights
On Monday, ASX 200 index rose 1.45%.
ASX All Ordinaries index closed with a gain of 1.48%.
There were some shares which recorded significant gains, even eclipsing their 52-week highs.
The Australian share market ended on a strong note on Monday amid a broad market-rally. While the benchmark ASX 200 index rose 1.45%, the ASX All Ordinaries closed with a gain of 1.48%. There were a few shares which recorded significant gains, even eclipsing their 52-week highs on price-sensitive announcements and overall positive market sentiment.
On this note, let’s discuss why these two ASX All Ordinaries shares hit their new 52-week highs on Monday:
Bubs Australia Ltd (ASX:BUB)
Bubs is a manufacturer of infant milk in Australia, which is engaged in the sale of infant milk formula and organic infant food products. Its products are also sold across Australia and various retail outlets and Chinese cross-border e-commerce platforms.
The share price of ASX-listed consumer firm began Monday with a gain of 77%, hitting a new 52-week high. The shares were in focus after Bubs announced receiving US Food and Drug Administration's (FDA) discretion to import Bubs infant formula. Following this, the American food regular would now allow the import, sale, and distribution of all six Bubs infant formula products in the US.
According to the release, Bubs would ship over 1.25 million tins of baby formula to help ease a nationwide shortage in the US.
However, the share price retreated from the day’s high thereafter, but still ended with over 40% gains.
Allkem Ltd (ASX:AKE)
Allkem, formerly Orocobre Ltd, is an Australian mineral resources company based in Brisbane.
Allkem’s share price hit a 52-week high in the day as it rose above AU$14.30. However, the share price fell to AU$13.80 soon after. It ended the day with gains of 0.64% at AU$14.10.
The lithium stock may have risen on account of hopes that demand for white metal would continue to exceed supply for some time in coming days.
The last price-sensitive news shared by the company was in the form of a quarterly update for the period ending 31 March 2022. The company delivered record revenue of US$143.8 million during the period, with a gross cash margin of 84%, based on average pricing of US$2,178 per dmt.
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