The All Ordinaries Index (ASX: XAO) has bounced back from a soft start and is pushing higher in early afternoon trade.
However, a number of ASX All Ords shares are performing materially better on Melbourne Cup Day. Here's why these three shares are off to the races today:
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EML Payments Ltd (ASX: EML)
The EML share price has bounced back from a heavy decline on Monday and is up 38% to 56 cents. Investors were selling the payments company's shares yesterday after the company revealed that regulatory action was being taken against the UK operations of its Prepaid Financial Services business.
Janison Education Group Ltd (ASX: JAN)
The Janison share price was up as much as 7.5% to 50 cents this morning before giving back some gains. The education technology company's shares are currently up over 3% to 48 cents at the time of writing. That's despite there being no news out of Janison.
Redbubble Ltd (ASX: RBL)
The Redbubble share price has surged over 13% higher to 58.5 cents. Once again, this is despite there being no news out of the ecommerce company today.
Why are these ASX All Ords shares storming higher?
One potential reason for the strong gains being recorded by these ASX All Ords shares is news that Readytech Holdings Ltd (ASX: RDY) has received a takeover offer this morning.
The enterprise technology company is the latest in a growing list of beaten down tech shares that private equity and larger peers have been running the rule over following heavy declines this year.
So, with EML, Janison, and Redbubble all down materially since the start of the year, some investors may be snapping up their shares today on the belief that they could be next in line to receive an offer.
Time will tell if that is the case.
