S&P/ASX All Ords Index (ASX: XAO) shares are down 1.7% at 8,955.5 points on Friday.
Meanwhile, Bell Potter has reiterated its buy rating on two ASX All Ords shares.
Let's take a look.
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Orica Ltd (ASX: ORI)
The Orica share price is $21.38, down 5% today and down 12% in 2026 to date.
Bell Potter has issued a new note on this ASX All Ords materials share and maintains a buy rating.
This followed the explosives manufacturer releasing its 1H FY26 report this week.
Orica reported EBIT of $512 million, up 5% year over year, and an 8% rise in underlying net profit after tax (NPAT) to $283.1 million.
Earnings per share (EPS) (pre-significant items) rose 12% to 60.7 cents. The return on net assets was 14.7% — the highest in 13 years.
Orica shares will pay an unfranked interim dividend of 28.5 cents per share, up 14% on 1H FY25, on 3 July.
The broker commented:
ORI is well positioned to deliver EBIT growth in the short-to-medium term, underpinned by cyclical tailwinds in mining and exploration markets.
The broker added:
ORI is not currently experiencing any immediate material constraints relating to the Middle East conflict.
ORI sees positive momentum continuing beyond FY26, with medium term targets unchanged.
The majority of benefits from a >$100m cost-out program underway is expected to be realised in FY27 and beyond.
Bell Potter reduced its price target from $28.50 to $25, suggesting 17% upside from here.
Beacon Lighting Group Ltd (ASX: BLX)
The Beacon Lighting share price is $1.70, up 5.3% on Friday but down 40% in 2026 to date.
This week, Bell Potter retained its buy call on the ASX All Ords consumer discretionary share but noted concern about broader economic conditions today.
In a new note, the broker said:
Following the third 25bps rate hike for 2026 in May, and the effect of intensified geopolitical events on global supply chains and consumer sentiment, we have adjusted our expectations for Beacon's Retail business.
Recent data on auction clearance rates has shown the lowest monthly clearance rate since Apr-20, which as a leading indicator for the Retail segment, points to a difficult outlook.
On top of this, consumer sentiment has significantly deteriorated because of not only interest rate increases but petrol price inflation directly impacting the consumer wallet.
However, the broker said increased renovation spending and house building approvals boded well for Beacon Lighting's trade segment.
Bell Potter added:
The growth outlook for Beacon's Trade business is built off our expectations that homeowners are choosing to invest in and refurbish their existing homes rather than relocate.
The broker slashed its 12-month price target from $2.85 to $2.05, but this still suggests significant upside potential.
While our PT decreases by ~28% to $2.05, it remains almost 32% (incl. yield) above the current share price so we maintain our BUY recommendation.
