2 ASX All Ordinaries shares having a cracking day, despite the carnage

A biotech and a mining share are enjoying big gains on a tough day for the ASX.

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Key points

  • The Australian market may be nursing big losses today but two ASX shares on the All Ordinaries have surged by more than 10% each
  • Biotech Imugene Limited is up by more than 20% in late afternoon trade
  • Mining share Arafura Resources Limited is gaining more than 14%

Markets may be tanking but there are two ASX shares on the All Ordinaries Index (ASX: XAO) that are shooting the lights out on Thursday.

The two have surged by more than 10% each – an impressive gain on any day. But it’s particularly notable today when the broader market is losing 1.6% due to a brutal sell-off on Wall Street overnight.

All Ordinaries biotech share gets extra shot in the arm

One of the outperformers is the Imugene Limited (ASX: IMU) share price, which rallied 20.59% to 20.5 cents at the time of writing.

The biotech is still basking in the glow of yesterday’s Phase 1 clinical trial update. The first patients with advanced solid cancers have been dosed with Imugene’s CF33-hNIS (Vaxinia).

The trial is being undertaken at City of Hope, one of the largest cancer research and treatment organisations in the United States.

Preclinical tests have shown the treatment can shrink colon, lung, breast, ovarian, and pancreatic cancer tumours.

However, even with today’s big surge, the Imugene share price is still 45% underwater over the last 12-months.

Junior mining share hitching a lift from Hyundai

Meanwhile, the Arafura Resources Limited (ASX: ARU) share price has rocketed up 14.29% to 40 cents at the time of writing.

Investors are excited that the rare earths miner signed a memorandum of understanding (MoU) with Hyundai Motor Company.

The MoU clears the way for Arafura and Hyundai to negotiate an offtake agreement for the ASX miner’s NdPr Oxide sourced from its Nolans Project.

The All Ordinaries share is hoping to sell 1,000 to 1,5000 tonnes a year of NdPr oxide to Hyundai, which will use it to make natural magnets for electric vehicles.

The MoU is non-binding, which means there is nothing stopping Hyundai from walking away. But it’s always exciting for a junior ASX miner to be courted by a global customer.

The significant jump in the Arafura share price today means it is up 136% over the past 12 months.

In contrast, the All Ordinaries has only managed a gain of 2% over the same period.

Motley Fool contributor Brendon Lau 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 Scott Phillips.

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