Guess which ASX All Ords share soared 21% to an 8-year high on Monday

One ASX All Ordinaries share enjoyed a stellar start to the week.

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A technical manufacturer checks his work in a high-tech lab with precision equipment in the background.

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Key points

  • Silex Systems spent the day in the green today and rose to eight year highs
  • Investors bid up the Silex share price following a company announcement
  • In the last 12 months, the Silex share price has surged more than 170%

It was an uneventful day on Australian markets with the All Ordinaries Index (ASX: XAO) pushing 1.14% higher to close at 6,796.9.

Meanwhile, tech shares closed the session ahead with the S&P/ASX All Technology Index (ASX: XTX) spiking 1.7% into the green. Yet, these were paltry gains compared to one All Ords share today.

The Silex Systems Ltd (ASX: SLX) share price finished trading 21% higher, well ahead of its peers. It climbed steadily throughout the session and closed at $2.65, its highest mark in eight years. Here’s a graph of the technology company’s share price performance:

TradingView Chart

What’s up with this All Ords share?

The Silex share price likely caught a bid today following a company announcement made before the open.

Silex has executed a non-binding Letter of Intent (LOI) between Global Laser Enrichment and Duke Energy Carolinas, LLC and Duke Energy Progress, LLC.

The LOI is for the purpose of developing areas of mutual interest and cooperation in the “nuclear fuel supply chain”.

It hones in on several areas of “potential cooperation”, according to Silex.

This includes pushing Global Laser Enrichment’s deployment of the “Silex laser enrichment technology in the United States and the potential acceleration of commercialisation timelines”, the company said.

Global Laser is the exclusive licensee of the Silex laser technology for uranium enrichment. The venture is 51%/49% jointly controlled between Silex and Cameco Corporation.

Speaking on the announcement, Silex CEO Michael Goldsworthy said the LOI was “another positive step” in advancing the company’s US strategy. He added:

As the U.S. Government ramps up initiatives to rebuild its domestic nuclear fuel supply chain and lessen its dependence on nuclear fuel imports, particularly from Russia, we anticipate GLE’s engagement with U.S. nuclear power generators will help support the commercialisation
of the SILEX technology.

In the last 12 months, this All Ords share has surged more than 170% into the green, gaining 99% this year to date.

Motley Fool contributor Zach Bristow 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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