The All Ordinaries Index (ASX: XAO) is up 0.5% in afternoon trade on Thursday, with three ASX All Ords shares doing a lot of the heavy lifting.
Which rocketing Aussie stocks am I talking about?
I'm glad you asked!
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Three soaring ASX All Ords shares
The first company that's amply pleasing shareholders today is BrainChip Holdings Ltd (ASX: BRN).
Shares in the ASX All Ords artificial intelligence (AI) chip maker closed yesterday at 26.5 cents. At the time of writing, shares are changing hands for 31.5 cents apiece, bringing the BrainChip share price up 18.9% today.
It also sees the stock up a whopping 96.9% over the past month, when shares were trading near one-year lows.
With no price-sensitive news out of the company since its half year results announcement on 26 August, investors appear to believe this stock was oversold and that its AI developments have strong growth potential.
Moving on to the second ASX All Ords share rocketing higher today, and we have Arcadium Lithium PLC (ASX: LTM).
The Arcadium Lithium share price is up 39% at the time of writing, at $8.22. That sees shares in this ASX lithium stock up more than 100% in five days!
The reason, as you may be aware, is the $10 billion takeover agreement announced today by S&P/ASX 200 Index (ASX: XJO) mining giant Rio Tinto Ltd (ASX: RIO). Rio Tinto reported it will acquire Arcadium Lithium in an all-cash transaction for US$5.85 (AU$8.71) a share.
Commenting on the acquisition, Rio Tinto CEO Jakob Stausholm said:
Acquiring Arcadium Lithium is a significant step forward in Rio Tinto's long-term strategy, creating a world-class lithium business alongside our leading aluminium and copper operations to supply materials needed for the energy transition.
Arcadium Lithium is an outstanding business today and we will bring our scale, development capabilities and financial strength to realise the full potential of its Tier 1 portfolio.
Which brings us to the third ASX All Ords share that's shooting the lights out on Thursday, Wildcat Resources (ASX: WC8).
The Wildcat Resources share price closed yesterday at 32.5 cents. At the time of writing, shares are changing hands for 39.0 cents apiece, up 20%.
Wildcat Resources shares got a big boost earlier this week after the miner announced further high-grade lithium results from the drilling program at its Tabba Tabba Lithium Project, located in Western Australia.
With no fresh price-sensitive news out today, this ASX All Ords share looks to be enjoying a lift from the renewed excitement around the lithium space spurred by Rio Tinto's $10 billion acquisition announcement of Arcadium.
