2 ASX All Ordinaries shares rocking new multi-year highs on Wednesday

It’s a good day to own these All Ords shares.

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The All Ordinaries Index (ASX: XAO) is wobbling on Wednesday but some of its constituents are having a far better day as their shares trade at long-forgotten highs.

At the time of writing, the index is down 0.23%, weighed down by many of its lithium-focussed members.

So what’s driving these stocks higher amid the index’s struggles? Let’s take a look.

2 ASX All Ordinaries shares hitting long-forgotten highs

Atlas Arteria Group (ASX: ALX)

ASX All Ordinaries share and European toll road operator Atlas Arteria is having a good day on the market on Wednesday.

Its share price reached an intraday high of $7.33, 1.9% higher than its previous close and the highest it’s been since early 2020. There’s been no news from the company to explain today’s gains.

However, last week it announced APRR – a French toll road group of which Atlas Arteria owns a 31% stake – had priced around $745 million of bonds.

Atlas Arteria CEO Graeme Bevans commented on the news, saying:

The transaction provides APRR with additional liquidity, extends its weighted average debt maturity, and strengthens APRR’s capacity for future growth.

Western Areas Ltd (ASX: WSA)

Fellow ASX All Ordinaries share Western Areas is also recording a new multi-year high today. It hit an intraday high of $3.87 today, representing a 0.5% gain and its highest point since 2015.

It comes as the company’s shareholders go to a vote on IGO Ltd (ASX: IGO)’s $3.87 per share takeover offer.

The proposed acquisition was dealt a blow in April. An independent expert found the then $3.36 per share offer unvalued Western Areas.

After the company’s bid was increased, an independent expert found the higher offer is not fair but is reasonable and is, therefore, in the best interest of Western Areas shareholders in the absence of a better deal.

A scheme meeting in which Western Areas investors will have their say on IGO’s potential acquisition kicked off at midday AEST (10am AWST).

Motley Fool contributor Brooke Cooper 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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