SLX, WHC: Why these ASX All Ords shares hit multi-year highs yesterday

2 min read | July 20, 2022 04:07 PM PDT | By Ashish

SLX, WHC: Why these ASX All Ords shares hit multi-year highs yesterday — Image source: ©Miflippo | Megapixl.com

Highlights

The ASX 200 rose 1.65% or 109.60 points to close at 6,759.20 points

The ASX All Ordinaries finished 1.8% or 122.20 points higher at 6,975.20.

There were stocks which hit their multi-year highs on Wednesday.

Australian shares ended on a strong note on Wednesday, buoyed by the IT and materials sectors. While the ASX 200 rose 1.65% or 109.60 points to close at 6,759.20 points, the ASX All Ordinaries finished 1.8% or 122.20 points higher at 6,975.20. Also, a bunch of stocks hit their multi-year highs on Wednesday on account of positive price-sensitive updates and overall encouraging market sentiment.

Investors would expect the rally to continue going ahead after extended months of volatility and uncertainty.

Here we discuss why these two ASX All Ordinaries shares hit their respective multi-year highs on Wednesday.

Silex Systems Ltd (ASX:SLX)

The ASX-listed tech firm’s main focus is on the commercialisation of its SILEX laser enrichment technology. The share price of the company hit a nine-year high on Wednesday, climbing over 12% to AU$3.36.

The share price advanced following an encouraging update from Silex Systems’ Zero-Spin Silicon project. The company announced, “the completion of the construction of a pilot demonstration facility, which is being deployed to verify commercial production capability for high-purity ‘Zero-Spin Silicon’ (ZS-Si) – a key enabling material for the emerging silicon quantum computing industry.”

The company has plans to start selling small amounts of Zero-Spin Silicon in 2023.

Whitehaven Coal Ltd (ASX:WHC)

ASX-listed Whitehaven Coal produces premium quality coal. The share price of the company yesterday touched its highest point since 2011 as it gained over 3% to reach AU$6.46. The stock has given a return of nearly 133% on a year-to-date (YTD) basis.

The company’s share price has advanced sharply this year on the back of rising coal prices. On Tuesday, the coal futures surged by nearly 1% to US$399.65.

Coal prices have gained significantly ever since sanctions were imposed on Russia following its invasion of Ukraine.

Earlier this week, Whitehaven Coal said that it expects to rake in AU$3 billion in earnings for FY22. In FY21, the company reported earnings of AU$200 million.

Meanwhile, the company’s net cash position was of AU$1 billion at the end of June. Whitehaven achieved an all-time high average coal price of AU$514 per tonne in the quarter under review and AU$325 per tonne for the financial year 2022.

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