There are a small number of S&P/ASX All Ordinaries (ASX: XAO) shares hitting 52-week highs today.
It's generally a positive day for the ASX. The All Ords is currently up by 1.22%.
Early in trading this morning, there were big gains for some ASX shares. Let's look at two that hit 52-week highs.
Bubs Australia Ltd (ASX: BUB)
Bubs is one of the largest Australian infant formula producers. And now it's a lot bigger. The Bubs share price started Monday up by 77%, hitting a new 52-week high, after the company announced news from the United States. It has since retreated, but is still up by more than 40%.
The ASX All Ordinaries share announced that it has received US Food and Drug Administration (FDA) discretion to import Bubs infant formula. The FDA will allow the immediate import, sale and distribution of all six Bubs infant formula products into the USA under its recently-announced infant formula policy.
Bubs has committed to the Biden Administration to provide at least 1.25 million tins in the coming weeks and months.
The company said that it was one of the first to respond to the discretion policy. The policy aims to address the current infant formula shortage in the US by enabling increased flexibility for the importation of infant formula.
Bubs says that its complete range of infant formula meets the nutrient requirements of the US for an iron-fortified infant formula.
The ASX All Ordinaries shares said that 500,000 tins are ready for immediate export to the United States. The remaining 750,000 tins are planned for production and scheduled for delivery in the coming months.
The company will be able to leverage the retail distribution footprint that it has already established in the US with major e-commerce and bricks and mortar retailers.
Allkem Ltd (ASX: AKE)
The Allkem share price was another to hit a 52-week high earlier today, after rising above $14.30. However, it has since fallen back to below $13.80.
Allkem is one of the largest lithium miners on the ASX and it hasn't announced any market-sensitive news today. The last news the All Ordinaries ASX share released to the market was its quarterly update for the three months to 31 March 2022.
In the update, the company noted its Mt Cattlin operation produced 48,562 dry metric tonnes (dmt) of spodumene concentrate. Further to this, it shipped 66,011 tonnes. It generated US$143.8 million of revenue. This was a record, with a gross cash margin of 84%, based on average pricing of US$2,178 per dmt.
Allkem also said that the Olaroz lithium facility produced 2,972 tonnes of lithium carbonate with sales of 3,157 tonnes. This generated record revenue of around US$86 million with a gross cash margin of 86%, based on average pricing of US$27,236 per tonne. The lithium carbonate price for the fourth quarter was expected to be approximately US$35,000 per tonne.
It is unclear what motivated investors to drive up the Allkem share price this morning. However, the market did learn today that Tesla and Liontown Resources Limited (ASX: LTR) announced an offtake extension. Perhaps this good news had a knock-on effect for Allkem and its lithium peers.
