The All Ordinaries Index (ASX: XAO) is falling 0.15% today, but three shares on the index are pushing far higher.
The Lake Resources N.L. (ASX: LKE), Polynovo Ltd (ASX: PNV) and Arafura Resources Limited (ASX: ARU) are all lifting today.
Let's take a look at why these ASX All Ordinaries shares are having such a good day.
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Lake Resources
Lake Resources shares are surging 12% today. The lithium explorer's shares are lifting on the back of an update on the Kachi Lithium Project in Argentina. Lake announced ongoing work with Lilac Solutions on the Kachi project is taking place and all parties "are confident" on-site operations will be successful.
This follows news of a dispute between Lake and Lilac on 14 September. Construction work on the facility housing the Lilac demonstration plant is finished. Dry commissioning of the plant started on Wednesday. Lake said Lilac is planning to start on-site processing of Kachi brines from the plant in the first week of October.
Polynovo
The Polynovo share price is rising 9% today. Investors are buying up Polynovo shares on news of US Food and Drug Administration (FDA) clearance for NovoSorb MTX. Novosorb MTX is a product innovation for soft tissue regeneration for the management of complex wounds. This new product improves PolyNovo's addressable market in the US by about $500 million.
Commenting on the news, Polynovo CEO Swami Raote said:
The creation of MTX is an exciting example of surgeon led product development that opens a significant new market for us.
Arafura Resources
The Arafura Resources share price is lifting 8% today. Today, Arafura has officially joined the ASX 300. This is a result of an S&P Dow Jones Indices September quarterly review. Arafura is a rare earth explorer working on the Nolans project in the Northern Territory. Arafura is aiming to supply 5% of the world's Neodymium and Praseodymium (NdPr) oxide. The company has signed Memorandum of Understandings with Hyundai and GE Renewable Energy.
