3 ASX All Ords shares going gangbusters on Wednesday

Investors are snapping up shares in these ASX All Ords shares today. But why?

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Three ASX All Ords shares are setting the bar high on Wednesday, surging as much as 20%.

The All Ordinaries Index (ASX: XAO) is up a healthy 0.5% in afternoon trade amid some tailwinds from the federal budget. But these three ASX All Ords shares are leaving those gains in the dust.

So, without further ado…

Three ASX All Ords stocks rocketing higher

First up is global education services provider IDP Education Ltd (ASX: IEL).

The IPD share price closed yesterday at $15.88. In earlier trading today, investors had bid up the ASX All Ords share to $18.07, up 13.8%. After some likely profit taking, shares are currently swapping hands for $16.75 apiece, up 5.5%.

IDP looks to be benefiting from the news that the stock is going to be included in the MSCI Global Small Cap Index commencing in June. This could see investors from across the world trading the stock.

Launched in 2001, MSCI notes:

The MSCI World Small Cap Index captures small cap representation across 23 developed markets countries. With 4,130 constituents, the index covers approximately 14% of the free float-adjusted market capitalisation in each country.

Also rocketing higher today is ASX All Ords share Chalice Mining Ltd (ASX: CHN).

Chalice Mining shares closed yesterday at $1.46. In afternoon trade today, they are changing hands for $1.60 apiece, up 9.8%.

With no fresh news out from Chalice Mining, investors may be buying shares with expectations that the Federal budget could offer ongoing tailwinds for the miner.

Among the details released last night, the government revealed its $22.7 billion Future Made in Australia (FMIA) plan will provide $13.7 billion in tax incentives for green hydrogen and processed critical mineral production.

That could align well with Chalice Mining's Julimar project in Western Australia, which hosts platinum group elements, nickel, copper, cobalt and gold. Chalice has previously flagged that the Julimar could provide the foundation for a world-class green metals project.

Which brings us to the third ASX All Ords share soaring today, Renascor Resources Ltd (ASX: RNU).

Renascor shares closed yesterday trading for 10 cents. Those same shares are currently swapping hands for 12 cents apiece, up a blistering 20% today.

Renascor also looks to be a beneficiary of potential additional government support for its graphite mining and processing operations.

On 30 April, prior to the release of the new budget, the ASX All Ords share reported:

The previously announced and conditionally approved $185 million loan facility from the Australian government's $4 billion Critical Minerals Facility has been approved to be utilised to fast track the construction of Renascor's proposed graphite mining and processing operation, the upstream portion of Renascor's Battery Anode Material (BAM) Project in South Australia.

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 positions in and has recommended Idp Education. The Motley Fool Australia has recommended Idp Education. 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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