Whilst the All Ordinaries Index (ASX: XAO) is up less than 1% on Thursday, three ASX All Ords shares have spiked more than 10% a the time of writing.
Shares in Latin Resources Ltd (ASX: LRS), Telix Pharmaceuticals Ltd (ASX: TLX), and Ora Banda Mining Ltd (ASX: OBM) have all caught a strong bid from investors in trading on Thursday.
Here's a look at what's spurring each of these ASX All Ords shares today.
Telix reaches 52-week high on key announcement
Telix Pharmaceuticals kicks off the list. The healthcare player is up over 11% at the time of writing and trading at $19.73 apiece. Today's high also represents a 52-week high for the stock.
The spike comes after the ASX All Ords share made a key announcement.
It said the US Centers for Medicare & Medicaid Services (CMS) proposed changes to improve payments for diagnostic radiopharmaceuticals (DRs).
In the US, costs for DRs are currently "packaged" together with other nuclear medicine scans. Telix says the CMS proposal could "improve the accuracy of overall payment amounts" by separating them into individual categories.
This could impact payments for the company's Illuccix diagnostic imaging kit, potentially making it more accessible.
Telix's CEO, Kevin Richardson, welcomed the proposal, stating, "The proposed rule will facilitate more equitable access to advanced imaging for all patients." He too is bullish on Telix long term.
We commend the vision of CMS and the coalition for raising awareness about the necessity to reform the payment system to enhance patient outcomes and access.
The All Ords share has rallied hard in 2024 and is up 95% this year to date. Today's price is a 52-week high for the gold miner.
Ora Banda Mining rallies on update
Ora Banda Mining is another ASX All Ords share that's caught a strong bid today. Its stock price is up 14% to 40.5 cents pear share as I write.
Investors also reacted positively to a company announcement today. The company said that the development of its Sand King Underground mine has been approved. The mine is located at the Davyhurst Gold Project in Western Australia.
Consequently, the project is expected to lift the ASX All Ords share's gold production to 150,000 ounces per annum by FY26. This is up from the current guidance of 100,000 to 110,000 ounces for FY25.
Ora Banda's CEO, David Quinlivan, stated:
The approval of Sand King Underground is a significant step towards achieving our production targets and enhancing shareholder value." This development has clearly resonated with the market, leading to today's gains.
Additionally, Ora Banda shares are up over 70% this year to date.
Latin Resources finds bottom
Latin Resources shares are also up around 10% currently, swapping hands at 17.5 cents per share.
Whilst the company today offers nothing market-sensitive, the stock has been stuck in a sharp downtrend. It peaked at 28 cents per share on 22 May and has sold off sharply since.
After sliding 38% this year to date, the All Ords share may have found a bottom at yesterday's close.
Bell Potter is bullish on the stock and recently highlighted the company's potential, noting the updated Mineral Resource Estimate (MRE) for its Salinas Lithium Project in Brazil.
Latin Resources is also "well-positioned to deliver new lithium supply into structurally short markets", Bell Potter said.
Bell Potter also has a speculative buy rating on the ASX All Ords share, with a price target of 40 cents. This would imply a potential upside of 128%.
Latin Resources shares are down 38% this year to date.
ASX All Ords shares in focus
These 3 ASX All Ords shares are all up 10% or more today. There's no telling where they may head from here. As always, remember the risks.
