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Highlights
The ASX All Ordinaries index fell 0.28% on Tuesday.
The domestic market is mainly down due to concerns about rising interest rates and surging inflation.
Despite most shares trading on a weak note, there are a few notable exceptions.
The ASX All Ordinaries index closed down 0.28% to 7,128.20 on Tuesday. The index, considered as the benchmark for Australian equity performance, has fallen in recent weeks from a high of 7,887 on 21 April 2022 on account of broader weakness in the stock market. The domestic market is mainly down due to concerns on rising interest rates and surging inflation. Despite most shares trading on a weak note, there are a few notable exceptions which kept the flag high.
On this note, let’s discuss why these three ASX All Ordinaries shares rose to their multi-year highs on Tuesday:
Yancoal Australia Ltd (ASX:YAL)
Yancoal Australia is into the production of metallurgical and thermal coal required for usage in the steel and power generation industries.
The YAL share price hit a multi-year high of AU$6.10 and closed up 2.4% at AU$5.97 on Tuesday, surpassing its last highest level reached in 2018. The share price spurt came on the back of massive surge in coal prices this year.
In 2022 so far, the prices of coal have risen 130%, while over the last 12 months, the prices have recorded a 296% gain.
New Hope Corporation Ltd (ASX:NHC)
New Hope Corporation is an Australia-managed company, which is engaged in coal mining, exploration, port operation, conventional oil, agriculture, etc.
The NHC share price hit a multi-year high of AU$4.10 on Tuesday, ending the day 2.27% up at AU$4.05.
The stock recorded capital gains amid a rampant rise in coal prices this year. The rise in coal prices has boosted the profits of the company, which helped it to disburse more dividends to shareholders.
In addition to coal, the company also has exposure to other energy resources such as oil and gas. The prices of natural gas and brent crude have risen 130% and 64%, respectively, in the past 12 months.
Worley Ltd (ASX:WOR)
Worley is an American Australian engineering company, which provides project delivery and consulting services to the resources and energy sectors, and complex process industries.
The Worley share price hit a multi-year high of AU$14.96 and closed down 0.20% at AU$14.75 on Tuesday.
Worley, earlier today, announced two new contracts: one with Heartwell Renewables and one with Borouge 4 LLC.
Last week, the company bagged a three-year engineering and procurement services contract. Worley would now work closely with five Shell assets in the Gulf of Mexico.
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