It's been a pretty rough day for the All Ordinaries Index (ASX: XAO) and most ASX shares so far this Thursday. At present, the All Ords has fallen by a nasty 1.24% and is back below 7,200 points.
But let's talk about two ASX All Ords shares that are defying this sell-off and are pushing up to new 52-week highs today.
2 All Ords shares smashing new 52-week highs today
Emerald Resources N.L. (ASX: EMR)
ASX gold share Emerald Resources is first up. While the All Ords Index has taken a dive today, Emerald shares have rocketed a robust 3.68% at present up to $2.82 a share. Just after midday, the company pushed even higher rising up to a new 52-week high of $2.84.
There's been no fresh news out of Emerald Resources today that might easily explain this new high watermark for the company. However, it's worth pointing out that the Emerald share price has been surging ever since the notice last week that the company looks on track to acquire the unlisted gold miner Bullseye Mining Limited.
On 13 October, Emerald revealed that it had upped its stake in Bullseye to a 76.5% ownership stake, which puts Emerald one step closer to acquiring Bullseye in full.
Since this announcement was made, the Emerald Resources share price has surged by more than 13%, including the big gains we've seen today. Thus, it looks as though investors have this deal to thank for today's new 52-week high.
This rise puts the Emerald Resources share price up a whopping 137.8% in 2023 to date:
Maas Group Holdings Ltd (ASX: MGH)
Next up we have ASX All Ords share and construction equipment and services provider Maas Group. The Maas share price has also vaulted decisively higher today, currently up 2.03% to $3.51 a share. Earlier this morning, we saw Maas shares jump up to $3.60 though, which is this ASX All Ords share's new 52-week high.
Again, there isn't a lot going on today with Maas. The company did release an investor presentation this afternoon, but that wasn't share price sensitive.
However, Maas shares have been surging ever since the company's FY2023 results came out back in mid-August. As we covered at the time, these results saw Maas report a 30% surge in earnings before interest, tax, depreciation and amortisation (EBITDA) to $163 million, as well as a 13% rise in underlying net profits to $68.9 million.
The Maas share price has risen by a massive 22.7% since these results came out in August. So today's new 52-week high looks like an extension of those moves higher.
Maas Group shares are now up a chunky 34% in 2023 so far:
