The All Ordinaries Index (ASX: XAO) is having a rough session on Thursday, but two stocks are defying the slump.
While the All Ords is falling 0.4% to 7,472.9 points, these stocks are leaping as much as 7% on the back of strong quarterly updates.
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2 ASX All Ordinaries stocks surging on quarterly updates
Helloworld Travel Ltd (ASX: HLO)
First up, All Ordinaries travel stock Helloworld is soaring 7.43% today to trade at $2.89.
It comes on news the company's underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) jumped to $14.2 million last quarter. That's up from a $4.9 million loss in the prior comparable period.
Its total transaction value (TTV) also shot 150% higher to $596.2 million while its revenue launched 240% to $46.9 million.
Also excitingly, Helloworld bolstered its full-year guidance on the back of its strong performance.
It now expects to post between $38 million and $42 million of underlying EBITDA for financial year 2023 – a $10 million improvement on its previous forecasts.
Incannex Healthcare Ltd (ASX: IHL)
Joining Helloworld stock in the green is that of Incannex. The pharmaceutical development company's share price is roaring 4.35% higher to trade at 12 cents at the time of writing.
The company released its update on the March quarter this morning, within which it narrowed the timeframe for the commercialisation of its psychedelic-assisted psychotherapy business, Psychedelic Clinics.
The first 'model' clinic is on track to be ready to open in Melbourne before September. It will be capable of treating over 600 patients per year during normal working hours.
The company also continued activities associated with the dosing of trial participants in its bioavailability and bioequivalence (BA/BE) clinical trial, assessing the pharmacokinetics and tolerability of the two active pharmaceutical ingredients in IHL-42X.
It's aiming to submit an investigational new drug (IND) application with the US Food and Drug Administration (FDA) this quarter.
Incannex posted around $4.3 million of cash outflows last quarter to end the period with $37.1 million of cash.
