3 ASX All Ordinaries shares defying the sell-off to surge higher

Here’s why these All Ords stocks are outperforming on Thursday.

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Thursday is a rough day to be an ASX investor. The benchmark index – the All Ordinaries Index (ASX: XAO) – is currently 1.06% lower, tumbling for the second day in a row, but some shares are bucking the trend.

Today’s slump sees the index lower than where it ended last week and 6.7% lower than it was at the start of the year.

But not all ASX All Ordinaries shares are struggling on Thursday. Let’s take a look at what’s causing these three shares to outperform.

These ASX All Ordinaries shares are in the green on Thursday

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is defying the All Ordinaries sell off to post an 11.21% gain today. Right now, the company’s stock is swapping hands for 32 cents apiece.

The oil and gas company’s gain comes on the back of multi-rate test results from its South Erregulla gas discovery.

Strike CEO and managing director Stuart Nicholls commented on the results, saying:

This excellent flow testing provides additional confidence that the Kingia gas discovery at South Erregulla is a large, productive source of low-cost, low impurity natural gas, and that it can form the foundation of Project Haber’s globally competitive nitrogen-based urea fertiliser.

Weebit Nano Ltd (ASX: WBT)

The gains exhibited by fellow ASX All Ordinaries share Weebit Nano are harder to explain. Right now, the company’s share price is $2.65, 6.85% higher than its previous close.

There’s been no news from the semiconductor developer to explain its surge. However, it’s worth noting its stock rocketed 7% on Monday before tumbling 9% over the course of Tuesday and Wednesday.

Tabcorp Holdings Limited (ASX: TAH)

Finally, the Tabcorp share price is in the green for the first time this week, gaining 4.64% to trade at 95 cents.

Last week, the company split in two with its lottery and Keno business demerging to become ASX-listed The Lottery Corporation Limited (ASX: TLC).

Today, the new company’s shares are trading on a normal settlement basis for the first time after the scheme was officially implemented yesterday.

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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