Key takeaways:

• Latin Resources, Core Lithium Pilbara Minerals, and Sayona Mining were all caught up in this week’s lithium sell-off

Which shares excelled?

These were the major winners over recent trading sessions:

• Azure Minerals (ASX: AZS) shares leapt higher following indicative and conditional takeover bids from US-listed lithium giant SQM, including one bid valuing AZS at over $900 million 

• Online classifieds portal Carsales (ASX: CAR) reported a 43% increase in adjusted profit, and its Australian division posted its best result in 10 years as consumer interest in new and used cars showed no signs of change versus a year ago 

• Record sales and enhanced profitability underpinned a strong FY23 result for Rebel Sports and Supercheap Auto owner Super Retail Group (ASX: SUL), which opted to declare a special dividend of 25 cents per share in addition to a final dividend of 44 cents per share 

• Earnings for hearing device manufacturer Cochlear (ASX: COH) rose 4% as developed and emerging markets reported strong sales, while net profits could rise between 16-23% in FY24 following the clearance of the elective surgery backlog 

• Other winners were building materials firm Maas Group (ASX: MGH), Singapore telco Tuas (ASX: TUA), automotive aftermarket and water products business G.U.D. Holdings (ASX: GUD), as well as metal and electronics recycling company Sims (ASX: SGM)

Which shares dragged on the market?

These stocks faced headwinds throughout the week:

• For the second week in a row, Latin Resources (ASX: LRS) shares tumbled despite no price-sensitive news from the lithium explorer, albeit peers Pilbara Minerals (ASX: PLS) and Sayona Mining (ASX: SYA) were also on the outer amid a segment-wide sell-off 

• Another battery minerals name, Core Lithium (ASX: CXO), suffered a major setback just days after setting a 52-week low, resetting that low after the company announced a $120 million capital raise at a discount of more than 25% 

• Domain Holdings (ASX: DHG) was one of the disappointments from earnings season this week, with its FY23 revenue down 0.5%, and net profit slumping 28.2% to just $38.6 million 

• Higher mining costs weighed on Evolution Mining’s (ASX: EVN) margins, which saw net profits after tax drop from $275 million in FY22 to $205 million in FY23 

• Other names on the back foot were APM Human Services International (ASX: APM), gold duo Gold Road Resources (ASX: GOR) and Bellevue Gold (ASX: BGL), casino operator Star Entertainment (ASX: SGR), plus jobs portal Seek (ASX: SEK)

We’ll be back next week with another Weekly ASX Trading Wrap Up – until then, have a great week!