The All Ordinaries Index (ASX: XAO) fell today, but some All Ords shares bucked the trend.
The All Ords Index slipped 1.45% to close at 7240.40 points. In comparison, the S&P/ASX 200 Index (ASX: XJO) shed 1.42%.
Let’s take a look at three All Ordinaries shares that defied the broader index today.
Megaport Ltd (ASX: MP1)
The Megaport share price climbed 2% today to end the day at $6.12. Megaport shares outperformed the technology sector, with the S&P/ASX All Technology Index (ASX: XTX) down 1.25%.
Megaport could be benefiting from positive broker outlook. Goldman Sachs recently placed a $13.10 price target on the company’s shares. This is more than double the current share price.
Citi also recently retained its buy rating but slashed its price target by 26% to $12.30 — still a potential upside of more than 100%.
This ASX All Ordinaries share has a global presence with more than 700 data centres. Goldman predicts the company will grow rapidly in future years as cloud and multi-cloud adoption increases.
Lovisa Holdings Ltd (ASX: LOV)
Lovisa Holdings shares leapt 3.54% in today’s trade to close at $14.03. Lovisa is an Australian jewellery retailer which now has a presence in 15 countries globally.
Lovisa shares are recovering after sliding on Tuesday afternoon after the Reserve Bank of Australia (RBA) lifted rates by 0.5%. Despite plunging by 30% year to date, investors appear to be optimistic the ASX All Ordinaries share can make a recovery.
Morgans has recently placed an add rating and $24 price target on the company’s shares. This is a massive 71% upside on the current share price.
Analysts are optimistic about the company’s global growth plans, as my Foolish colleague James reported. Morgans said: “LOV may just prove to be one of the biggest success stories in Australian retail.”
5E Advanced Materials Inc (ASX: 5EA)
The 5E Advanced Materials share price jumped 4.5% today — the biggest gain of any ASX All Ordinaries share –to finish the day at $3.48. The minerals exploration and production company’s shares jumped 7% in earlier trade before retreating. In contrast, the S&P/ASX 200 Materials Index (ASX: XMJ) slid 2.23% today.
5E Advanced Materials has not released any news to the market today. However, on Tuesday it revealed it has signed a non-binding letter of intent for the supply of boron with Corning Incorporated (NYSE: GLW). The company will work with Corning to develop and supply boron for Corning’s products.
Commenting on the deal, CEO Henri Tausch said: “Today’s announcement marks another key milestone for the company as we have now secured an LOI with one of the largest technical glass manufacturers in the world.”