The S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.41% in early afternoon trading on Tuesday to 7,336.1 points.
Meantime, several ASX All Ords shares are smashing 52-week highs today.
Let’s find out why.
The ASX All Ords shares setting new records today
Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price rose to an intraday high of $23.38 in what is a cracking session for ASX iron ore shares today.
China’s Politburo has flagged more stimulus measures to boost the property sector and consumer spending. The news has also lifted the iron ore price by 0.9% to $US113.65 per tonne.
Worley Ltd (ASX: WOR)
Worley shares ascended to $17.25 per share today. The professional services company does a lot of work in the mining industry, so today’s news out of China is the likely catalyst for today’s 52-week high.
Elston analyst Leon de Wet says Worley is among the ASX All Ords shares âthat should perform regardless of economic conditionsâ.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price hit a new 52-week high of $5.92 today.
IAG and other ASX All Ords insurance shares have been screaming up the charts over the past 12 months as insurers raise premiums well above inflation. Two other major insurers hit 52-week highs this month.
Seven Group Holdings Ltd (ASX: SVW)
The Seven share price rose to $26.19 today. This takes the investment companyâs 12-month return to above 50%.
Seven holds major stakes in Boral Limited (ASX: BLD), Beach Energy Ltd (ASX: BPT), and Seven West Media Ltd (ASX: SWM).
Netwealth Group Ltd (ASX: NWL)
Netwealth shares hit a 52-week high of $14.88 per share today.
The ASX All Ords financial services and tech company reported a record quarter earlier this month for funds under administration (FUA). FUA increased by $4.4 billion in Q4 FY23 to a record $70.3 billion.
James Hardie Industries plc (ASX: JHX)
This ASX All Ords building materials company hit a new 52-week high of $41.83 a share today.
The stock is up a remarkable 60% in 2023 so far. Looks like James Hardie shares are among several buy-the-dip opportunities that may have passed us by since the start of the year.
