The Australian share market is on course to record a solid gain in March.
As things stand, the ASX All Ordinaries index is up 2.3% month to date.
While that is very positive, it pales in comparison to some of the gains that have been recorded on the index.
For example, the three ASX All Ords shares listed below are up over 50% this month. Let's see why investors have been fighting to get hold of these shares:
Life360 Inc (ASX: 360)
The Life360 share price is up 61% month to date. The key driver of this gain has been the release of the location technology company's FY 2023 results at the beginning of March. Life360 reported subscription revenue of US$200 million, which was up 52% year on year and ahead of guidance. Also coming in comfortably ahead of guidance was its adjusted EBITDA of US$20.6 million. This compares to its guidance range of US$12 million to US$16 million. The announcement of a new advertising business also got the market excited.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is up 67% since the end of last month. This has been driven almost entirely by the release of an announcement this week from the ASX All Ords share relating to the US Food and Drug Administration (FDA). The FDA advised that there appears to be sufficient results to support the submission of the biotechnology company's proposed Biologics License Application (BLA) for remestemcel-L to treat paediatric patients with steroid-refractory acute graft versus host disease.
Zip Co Ltd (ASX: ZIP)
The Zip share price is up 58% in March. Investors have been scrambling to buy this ASX All Ords share thanks to its strong performance so far in FY 2024 and a couple of bullish broker notes. In respect to the latter, the previously ultra-bearish team at UBS has changed its tune on the buy now pay later provider. This saw the broker upgrade Zip's shares from a neutral rating with a 36 cents price target to a buy rating with a $1.43 price target. The team at Citi also made a similar move, upgrading the company's shares to a buy rating and $1.40 price target (from neutral and 78 cents).
