With some ASX shares almost doubling while other fell by more than half, the All Ordinaries Index (ASX: XAO) finished the quarter almost flat, gaining a slender 0.1%.
So, which were the top two performers and which came in last?
We'll start with the runners-up.
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The second best and second worst performers
The second worst ASX share to have held during the quarter just past was Laybuy Group Holdings Ltd (ASX: LBY).
The Laybuy share price was 24 cents when the closing bell rang on 31 December. By the time the ASX closed on 31 March, shares were worth 8 cents, down 67% for the quarter.
Laybuy operates in the buy now, pay later (BNPL) space. And as with other ASX BNPL shares, Laybuy has been hit by expectations of significant interest rate rises, which will impact its business model.
On the flip side of the performance coin, the second-best ASX share to have held during the March quarter was Yancoal Australia Ltd (ASX: YAL).
Yancoal shares kicked off the quarter trading for $2.60 and finished at $4.44, a gain of 71%.
Yancoal shares surged amid rocketing thermal and metallurgical coal prices. The company is Australia's largest pure-play coal producer, operating and managing a portfolio of coal mines across New South Wales, Queensland, and Western Australia.
The coal producer also released some very strong results for the full 2021 financial year back in February, sending the ASX share leaping higher on the day.
Yancoal also reinstated its dividend, with the company paying an unfranked 10.3% trailing dividend yield at current share prices.
Moving on…
These were the best and worst ASX shares in the March quarter
The worst All Ords ASX share to have held during the March quarter was Cettire Ltd (ASX: CTT).
The online luxury goods retailer closed the last quarter at $3.56 and by 31 March was trading for $1.14, down a painful 68% over the three months.
Cettire had been receiving some healthy tailwinds during the COVID lockdowns, which saw many consumers turn to online retail purchases.
Luxury goods are also more prone to be hit by rising interest rates. And with rates likely to increase significantly from their historic lows, investors may have been selling down the Cettire share price.
Cettire shares also suffered another day of big losses on 23 March after it was revealed the company's founder, Dean Mintz, was selling 35 million shares.
Which brings us to…
The best ASX share within the All Ords to have held onto during the March quarter was Stanmore Resources Ltd (ASX: SMR).
Stanmore shares were trading for 95 cents when markets closed on 31 December. By the time the ASX closed on 31 March, shares were worth $1.74, up a very impressive 83% for the quarter.
Like the No. 2 best performer, Stanmore Resources is also involved in digging up and selling coal. In fact, until a name change in April 2021, the company was called Stanmore Coal.
Amid record coal prices, Stanmore's FY21 results were strong, likely helping boost its share price further. Among the highlights, the coal miner's earnings before interest, taxes, depreciation, and amortisation (EBITDA) leapt 125% year-on-year, hitting $54 million.
