Guess which 2 ASX shares were the best and worst All Ordinaries performers in March

From the mountains to the valleys, here are the very best and worst of the All Ordinaries in March…

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As Richard Carlson once said, "Reflection is one of the most underused yet powerful tools for success." Investors spend a lot of time looking ahead, but in this article, we take a moment to reflect upon the last month in ASX All Ordinaries shares.

If you were to simplify what investors want to achieve into one short sentence, it would probably be something along the lines of — "find and invest in the big winners while avoiding the big losers".

And so, we found the best and worst performers of the All Ordinaries in March to offer some reflection.

Lithium developer takes out the top spot among All Ordinaries

It's hard to beat a company whose shares have skyrocketed 108% in a single month. Though it might be hard to believe, that is exactly what lithium developer Lake Resouces N.L (ASX: LKE) achieved in March.

Taking a look at what the company got up to during the month, you might begin to see what instilled such excitement among shareholders. For instance, Lake Resources found itself being added to the S&P/ASX 300 Index (ASX: XKO).

In addition, the company raised $39 million through the execution of its at-the-market subscription agreement with Acuity Capital.

Finally, on 29 March this ASX All Ordinaries share announced it had linked up with Japan-based Hanwa Co Ltd. According to the announcement, an offtake proposal of 25,000 tonnes of lithium carbonate per annum had been made. Furthermore, Hanwa suggested it was considering a meaningful equity investment in Lake Resources.

Missing the target in March

Not every ASX All Ordinaries share could be as fortunate as Lake Resources. For 88 Energy Ltd (ASX: 88E), it was a plain painful month — where did it all go wrong for the oil explorer? It's time for some more reflection.

Unfortunately, 88 Energy released a company update on 30 March which sent shareholders running. As per the announcement, 88 Energy was unable to obtain fluid samples from its target zones in the Merlin-2 well, situated in Alaska.

The news douses investors' hopes of striking a well rich with oil. In turn, this ASX All Ordinaries share shaved off 63% in March.

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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