3 ASX All Ordinaries shares that had a terrific Tuesday

Why did these shares defied the market sell-off today?

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Key points

  • Three ASX All Ordinaries shares defied a wider market sell-off today 
  • The All Ordinaries Index dropped 1.54% 
  • Two of the companies are ASX lithium explorers, while the other is involved in mining services 

The All Ordinaries Index (ASX: XAO) fell today, but three ASX All Ordinaries shares defied the trend.

The All Ords Index fell 1.54% today to 7,318.60 points. For perspective, the S&P/ASX 200 Index (ASX: XJO) also dropped 1.53%.

So let’s take a look at which shares outperformed the index today.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price jumped 3.9% today. However, in earlier trade, it leapt 7% before pulling back.

The lithium developer’s shares jumped on the day after the company was added to the benchmark ASX 200 index as part of a June 2022 quarterly rebalance. ASX lithium shares including Lake tumbled last week after Argentina set a reference price for lithium carbonate exports of US$53 per kilogram.

However, a S&P Global Commodity Insights publication overnight states that Chinese lithium carbonate producers don’t see “any impact of this announcement” on the spot market in the near term. The source said:

I think overseas prices won’t drop drastically following Argentina’s announcement, though there’s also not enough support for prices to go up that much more,

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price jumped 3.77% today. However, in earlier trade, the company’s share price lifted 7.5% before retreating. Like Lake Resources, Core Lithium also joined the ASX 200 index yesterday.

As my Foolish colleague Bernd reported, investors potentially saw the ASX lithium share sell-off last Wednesday as “overdone”. Lithium shares fell on Wednesday after news of the Argentina reference point on lithium prices, along with a note out from Goldman Sachs.

However, other market analysts including Macquarie are more optimistic on the outlook for ASX lithium shares. Core Lithium is exploring the Finniss Lithium project near Darwin in the Northern Territory. Drill assay results from the project released on 3 June revealed intersections outside the mineral resource at BP33.

Perenti Global Ltd (ASX: PRN)

The Perenti Global share price soared a mammoth 10% today, defying the market trend. Shares jumped after the company announced a huge contract win.

The mining services company has been awarded a contract for the Evolution Mining Ltd (ASX: EVN) Cowal Underground project in NSW. The contract, involving both production and underground development, could be worth a whopping $520 million. Perenti said the project will deliver strong cash flows in return for capital investment.

Commenting on the win, CEO Mark Norwell said:

The Cowal contract represents one of the largest underground mining projects in Barminco’s history, generating revenue of nearly $520 million with an initial term of four years, from a contract commencement date in early July 2022.

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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