CTT, SQ2, 5EA: Why these ASX All Ordinaries shares rose 10% on Friday

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CTT, SQ2, 5EA: Why these ASX All Ordinaries shares rose 10% on Friday

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CTT, SQ2, 5EA: Three ASX All Ordinaries shares rising over 10% on Friday
Image source: ©Miflippo | Megapixl.com

Highlights

  • The ASX All Ordinaries rose nearly 2% on Friday.

  • Investors would expect markets to rebound sharply this week.

  • There were a few stocks which ended the week on a strong note.

The ASX All Ordinaries rose nearly 2% on Friday, with a few shares reporting gains amid ongoing volatile times. The ASX 200 benchmark index too surged 1.9% higher to 7,075.1 points.

While concerns about interest rate hikes, inflation and geopolitical tensions continue, investors would expect markets to rebound sharply this week. Higher oil and iron ore prices may aid local commodity stocks with surging inflation and accompanied rate hikes dominating investor sentiment.

On this note, let’s discuss why these three ASX All Ordinaries shares rose over 10% on Friday:

Cettire Ltd (ASX:CTT)

Cettire Limited is a global online luxury goods retailer, which operates through its website cettire.com. The company uses its proprietary platform to retail shoes, bags, apparel, and accessories of globally leading luxury brands.

Cettire’s share price ended 15.38% higher at AU$0.52 on Friday from the previous close of AU$0.46. However, the share price is still down over 80% since the start of the year.

The stock is in focus after the company released its update for the third quarter of FY22. According to the update, the company reported a rise of 163% in its sales revenue (Y-O-Y). The number of active customers rose 185% and the number of unique website visits surged 269%.

Block Inc (ASX:SQ2)

Block, formerly Square Inc, is a global technology company with a focus on financial services.

Cettire’s share price ended 14.99% higher at AU$114.88 on Friday from the previous close of AU$99.90. However, the share price is still down nearly 35% since the start of the year.

Block’s share price is in focus after the company recently released its quarterly update for the three months to 31 March 2022. The company’s transaction-based revenue surged nearly 28% to US$1.23 billion. Subscription and service-based revenue climbed 72% to US$959.6 million.

5E Advanced Materials Inc (ASX:5EA)

5E Advanced Materials is engaged in the exploration and development of mineral properties in Australia and the US.

The share price ended 11.89% higher at AU$3.20 on Friday from the previous close of AU$2.86. However, the share price is still down over 8% since the start of the year.

The company recently released its update for the three months to 31 March. According to the update, the company’s average boric acid prices rose over 50% during the period. The company also informed the ASX that there are favourable market dynamics and “continued strong demand”.

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