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Highlights
The Australian share market ended with losses on Thursday.
The All-Ordinaries index fell 1.45%.
However, there were shares which managed to buck the broader trend.
The Australian share market traded on a weak note on Thursday, with several shares ending in the red. The losses in the metals & mining, gold and materials sectors led shares lower. The overall market sentiment was also hit after the World Bank trimmed its global growth forecast to 2.9% and warned of the 1970s stagflation-like situation.
While the ASX 200 index shed 1.42%, the All-Ordinaries index fell 1.45% on Thursday. However, there were a few ASX All-Ordinaries shares which managed to buck the broader trend. These defied the index weakness and ended with handsome gains. The advances made by these stocks were mainly on account of overall positive outlook around them. These stocks rose as high as 4.5% in Thursday’s trade.
On this note, let’s discuss why these three ASX All-Ordinaries shares charged higher on Thursday despite an overall weakness in the market:
Megaport Ltd (ASX:MP1)
Megaport is an ASX-listed information technology company.
Shares of Megaport ended the day 2% higher at AU$6.12. To put it into context, the stock of the company outperformed the technology sector, with the ASX All Technology Index (ASX:XTX) falling 1.25%.
Shares of the IT company may have gained from overall positive outlook as cloud and multi-cloud adoption continues to increase.
The shares of the IT company may have gained from overall positive outlook as cloud and multi-cloud adoption increases.
Lovisa Holdings Ltd (ASX:LOV)
Lovisa Holdings is into fashion jewellery-related retailing. The company has its footprint over 320 stores across Australia, New Zealand, Malaysia, Singapore, Spain, France, the UK, and the US.
Shares of Lovisa ended the day 3.54% higher at AU$14.03. While the stock may be down nearly 30% on a year-to-date (YTD) basis, investors are upbeat about its global growth plans.
5E Advanced Materials Inc (ASX:5EA)
5E Advanced Materials is a minerals exploration and production company focused on the development of its 100%-owned Fort Cady Borate Project.
Shares of 5E Advanced Materials ended the day 4.50% higher at AU$3.48. On the other hand, the ASX 200 Materials Index (ASX:XMJ) fell 2.23% on Thursday.
The company didn’t release any price-sensitive news on Thursday. But, on Tuesday, it had announced an agreement on working with Corning to develop and supply boron for Corning’s products.
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