2 ASX All Ords shares (and one ETF) smashing new highs while the market sinks

These lucky stocks are bucking the market today.

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It's been a fairly horrible day for the All Ordinaries Index (ASX: XAO) and most ASX All Ords shares so far this Wednesday. At the time of writing, the All Ordinaries has lost a hefty 0.34% of its value, and is back down to around 8,050 points.

However, despite the broader market's bad mood today, a few ASX All Ords shares are still breaking away to record gains.

In fact, three have just smashed new 52-week highs. Well, two All Ords shares and one exchange-traded fund (ETF). Let's check them out.

2 ASX All Ords shares (and one ETF) clocking new highs this Wednesday

Steadfast Group Ltd (ASX: SDF)

First up, we have insurance stock Steadfast. Steadfast shares have gained a healthy 1.91% so far today and are up to $6.41 a share at the time of writing. Not only is that a new 52-week high for this insurance stock, but a new all-time record high. And there's still plenty of time left today for the price to go even higher.

This push is just the latest uptick for Steadfast, which has been on a tear for a few weeks now. Back on 21 June, the company gave investors an update regarding its expectations for the 2024 financial year. Steadfast upgraded its guidance for the 23 months ended 30 June 2024.

It previously told ASX All Ords investors to expect an underlying net profit after tax of between $290 million and $300 million. But last month, it increased this expected range to between $298 million and $303 million.

Investors have been flocking to Steadfast shares ever since, with the company now up a healthy 16.7% over the past month.

Emeco Holdings Ltd (ASX: EHL)

Next up, we have mining equipment company Emeco. Emeco shares are currently flat at 79 cents apiece. However, earlier today, they rose to 80 cents, a new 52-week high for this ASX All Ords stock.

Again, there hasn't been any fresh news out of Emeco this Wednesday. In fact, we haven't heard from this company with any price-sensitive news for a while now. But Emeco has been rising steadily ever since its last earnings report back in February.

Back then, this ASX All Ords stock reported a 21% rise in operating earnings before interest, tax, depreciation and amortisation (EBITDA) for the six months to 31 December to $137 million. Operating net profits after tax also rose by 69% over the prior corresponding period to $51 million.

Emeco shares have risen 19.7% over the past six months, so today's new 52-week high may be a byproduct of this increased optimism.

iShares Asia 50 ETF (ASX: IAA)

Finally, let's talk about the Shares Asia 50 ETF. IAA units are currently enjoying a 0.23% lift to $103.82 each. That comes after this ASX All Ords ETF clocked a new 52-week high of $105 soon after the market opened this morning.

This ASX ETF holds a portfolio of underlying shares representing 50 of the largest companies listed on Asian markets, including China, Taiwan, South Korea, and Singapore. Its holdings include Taiwan Semiconductor Manufacturing Company, Samsung, and Tencent.

When an ETF rises in value, it's normally due to the share prices of its underlying holdings appreciating. Indeed, we see that many of its top holdings have had a stellar month. Taiwan Semiconductor shares alone have gained more than 17% over the past month. Samsung has also done well, up 15.5% since this time last month.

So, it's no surprise that this ASX All Ords ETF is also succeeding.

Motley Fool contributor Sebastian Bowen 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 Taiwan Semiconductor Manufacturing and Tencent. The Motley Fool Australia has positions in and has recommended Steadfast Group. 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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