Australian shares ended on a weaker note on Tuesday.
The ASX All Ordinaries index finished down 0.51% or 35 points at 6,853.
But there were shares which bucked the trend and gained over 7% during the day.
ASX-listed shares ended lower on Tuesday. Domestic shares were down as they faced pressure following the release of the Reserve Bank of Australia’s (RBA) latest policy minutes. While the benchmark ASX 200 index closed 0.56% or 37.50 points lower at 6,649.60, the ASX All Ordinaries index finished down 0.51% or 35 points at 6,853. However, there were some stocks which bucked the trend and gained over 7% during the day. These notable exceptions charged higher on account of positive company updates.
Here we discuss why these two ASX All Ordinaries shares leapt higher by more than 7% on Tuesday.
Strandline Resources Ltd (ASX:STA)
Strandline Resources is engaged in the exploration of mineral sands, and other base metal resources. The company has its projects in Australia and Tanzania. The ASX-listed resources stock ended 12.70% higher at AU$0.36 on Tuesday after opening at AU$0.33. Strandline Resources’ shares gained despite the company announcing no major price-sensitive news during the day.
Meanwhile, in June, the company informed the ASX that it had completed 75% of construction for its Coburn mineral sands project, which is situated in Western Australia. Strandline Resources said that the construction was within budget and on schedule.
Mesoblast Ltd (ASX:MSB)
Mesoblast is an ASX-listed regenerative medicine firm. It offers its customers solutions for inflammatory ailments, back pain, and cardiovascular disease. The ASX-listed biotech stock ended 7.60% higher at AU$0.92 on Tuesday after opening at AU$0.88.
The share price rose after the company released an encouraging update on its rexlemestrocel-L product candidate.
The company said, “treatment of heart failure with reduced ejection fraction (HFrEF) patients with rexlemestrocel-L, its allogeneic “off-the-shelf” product candidate for the treatment of chronic heart failure with reduced ejection fraction, resulted in greater improvement in the pre-specified analysis of left ventricular ejection fraction at 12 months relative to controls in the DREAM-HF Phase 3 trial.”
Meanwhile, shares of Qualitas Ltd (ASX:QAL) also charged higher during the day, rising as high as 10%. However, shares of the alternative real estate investment manager finally closed with a gain of just 0.62% at AU$1.63. The share price rose despite the company releasing no major price-sensitive news.