The All Ordinaries index had a reasonably disappointing start to the week. Due largely to weakness in the mining sector, the illustrious index ended the day 0.4% lower at 8,518.9 points.
Four ASX All Ords shares that didn't let that stop them from rocketing today are named below. Let's see why they started the week with a bang:
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Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price was up as much as 14% before closing the session with a 9.5% gain to 11.5 cents. This was despite there being no news out of the mineral exploration company. Though, with its shares down 55% since the start of the year, some investors may believe they have been oversold and were snapping them up today.
Novonix Ltd (ASX: NVX)
The Novonix share price ended the day 12.5% higher at 81 cents. The catalyst for this was news that the battery materials technology company has signed a binding high-performance synthetic graphite material offtake agreement with auto giant Stellantis. It is the owner of brands such as Citroen, Fiat, Jeep, Maserati, and Peugeot. Stellantis has signed up for offtake of a minimum of 86,250 tonnes and up to a target volume of 115,000 tonnes of the high-performance synthetic graphite material. Novonix's CEO, Dr. Chris Burns, said: "We are excited to have Stellantis' commitment, now as our largest customer, to support their North American EV growth plans."
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price ended the day with a 10% gain to 97.5 cents. Investors were buying the sports betting company's shares amid speculation it could be a takeover target. However, the ASX All Ords share has denied that this is the case. It said: "Generally, PointsBet does not comment on rumour or speculation. However, the Company confirms that it is not in discussions as suggested in the Article." It seems that some investors believe there's no smoke without fire and that a deal could yet materialise despite this denial.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price was on form and jumped almost 15% to $2.73. This is despite there being no news out of the semiconductor company. In fact, there hasn't been any meaningful news since WeeBit Nano released its quarterly update in late October. That update revealed another poor quarter zero cash receipts and a $5.5 million cash burn. This ASX All Ords share remains down approximately 37% since the start of the year despite today's strong gain.
