Can you guess the top 3 performing All Ordinaries shares in the first week of trade?

All three suffered heavy losses in 2022. Could some bargain hunting be in play?

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All Ordinaries Index (ASX: XAO) shares closed up 0.7% on Friday.

That helped the All Ords post a gain of 1.2% for the first week of trading in 2023.

Investors will certainly welcome this start to the new year after All Ordinaries shares dropped 7.2% in 2022. Though it may be too early to hope for a return to 2021 levels, when the index gained 13.6% over the calendar year.

While the 1.2% gains represent a solid start to 2023, these three All Ordinaries shares delivered far more in the first week.

As you'll note below, all three of the top performers this past week suffered heavy losses in 2022. With them now leading the charge in the new year, investors look to be doing some bargain hunting.

Top 3 All Ordinaries share gainers this week

The third-best performer in the first week of trade was gold miner Alkane Resources Ltd (ASX: ALK).

Alkane has a market cap of $383 million.

Like the other top-performing All Ordinaries shares covered in this article, the Alkane share price fell heavily in 2022, down 41%.

Unlike the other two stocks, Alkane did release positive price-sensitive news this week. The Alkane share price closed up 11% on Thursday after the company upgraded its FY2023 production guidance at its Tomingley Gold Operations in New South Wales.

This helped Alkane deliver a 24% gain in the first week of trading in 2023, finishing the week at 67 cents per share.

The number two spot goes to diagnostic imaging company Cyclopharm Ltd (ASX: CYC).

Cyclopharm has a market cap of $125 million.

The All Ordinaries healthcare share tumbled 29% in 2022 but is certainly off to a better start this year. Cyclopharm closed the week up 25% at $1.46 per share.

Which bring us to the best All Ordinaries share performer in the first week of 2023, financial services company Harmoney Corp Ltd (ASX: HMY).

Harmoney has a market cap of $58.4 million.

The stock lost a painful 76% in 2022 but staged a strong rally to kick off 2023, gaining 30% in the first week of trade. Harmoney closed the week trading for 57 cents per share.

Motley Fool contributor Bernd Struben 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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