Key takeaways:

• Tech shares were in the spotlight as Nvidia’s results lifted sector sentiment globally, and utilities contributes positively while Consumer Staples declined 

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Which shares excelled?

These were the major winners over recent trading sessions:

APM Human Services International (ASX: APM) was in the news after the company received a $1.5 billion takeover offer from CVC Asia Pacific. However, the APM Board was quick to unanimously reject the conditional and non-binding indicative proposal priced at $1.60 per share. That bid represented a 93% premium to the last trading price prior to the offer.

Shares in ASX 300 tech share Codan (ASX: CDA) rose by nearly 17% on Wednesday following its half-year results. The company reported a 26% increase in group revenue to $265.9 million, while net profit after tax grew by 24% to $38.1 million.

Also on the receiving end of a takeover bid was CSR (ASX: CSR). The building materials supplier drew the attention of French industry giant Saint-Gobain, which is offering CSR shareholders $9 per share to acquire the ASX-listed business. That translates to a market valuation of around $4.3 billion, and a 33% premium to Tuesday’s closing price.

Earlier in the week, McMillan Shakespeare (ASX: MMS) delivered its half-year results, with the share price gaining more than 20% across the Monday and Tuesday trading sessions. The employee benefits provider announced a 42.9% increase in normalised EBITDA, coming in at $86.9 million. Management also raised MMS’s interim dividend by 31% to 76 cents per share.

Also on the winners list this week were Reliance Worldwide (ASX: RWC), Imdex (ASX: IMD), SG Fleet Group (ASX: SGF), and Ventia Services (ASX: VNT)

Nvidia (Nasdaq: NVDA) experienced an historic surge, adding over US$250 billion in market value in a single day, marking the largest one-day gain in Wall Street history and increasing Nvidia’s market capitalisation to nearly US$2 trillion. The surge came on the back of quarterly profits of $12.3 billion, driven by unprecedented demand for its AI technology. Nvidia’s share price soared 16.4%, and the company now controls approximately 80% of the high-end chip market.

Which shares dragged on the market?

These shares weighed on the local market across the course of the week:

Star Entertainment (ASX: SGR) shed more than $300 million of its market cap following news the New South Wales casino regulator outlined dissatisfaction regarding the company’s efforts to overhaul its culture. The Independent Casino Commission announced a second inquiry to determine whether SGR should be allowed to operate in NSW.

Shares in Lendlease Group (ASX: LLC) were under pressure after the developer downgraded its return on equity guidance. The company previously advised the market it was targeting 8% to 10% return on equity, however, management revised this lower to 7%, and also reported a $136 million loss for the half.

In light of its earnings, Corporate Travel Management (ASX: CTD) shares fell 20.2% during Wednesday’s trading session. One of the catalysts for the sell-off was a downgrade in the firm’s full-year EBITDA guidance to a mid-point of $220 million, versus $260 million previously.

Among some of the other shares in the red this week were MA Financial Group (ASX: MAF), Centuria Capital (ASX: CNI), and Tabcorp (ASX: TAH)