Key takeaways:

• As earnings season commenced, consumer discretionary names stole the headlines thanks to some encouraging signs amid the reports.

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Which shares excelled?

These were the major winners over recent trading sessions:

• Luxury fashion retailer Cettire (ASX: CTT) was the standout name this week, with its half-year results spurring a rush to acquire shares. The company reported a 90% increase in gross revenue to $460.5 million, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) leapt 56% to $26.1 million.
  
  

• Buy-now pay-later operator Zip (ASX: ZIP) was in the news, and it led to an active trading week for the business. Reports from The Australian suggested “talk in the market” that Zip could be the source of interest for a takeover approach, even though it has not received any formal offer as of yet. Nonetheless, the speculation led to strong buying activity.
  
  

• Furniture retailer Nick Scali (ASX: NCK) reported a mixed set of results, headlined by a 20.2% decrease in revenue to $226.6 million, and a 19% slump in EBITDA to $89.9 million. However, investors were buoyed by a gross margin improvement of 3.6%, and an acceleration in written sales orders towards the latter part of the half, climbing 8.2% in the 2Q FY24.
  
  

• GQG Partners (ASX: GQG) also joined the party with a funds under management (FUM) update that was well received. The fund manager reported a US$6.4 billion increase in FUM throughout January, with gains across each of its divisions focused on international equities. Furthermore, net inflows for the period were US$1.9 billion.

• Shareholders in Silex Systems (ASX: SLX), AGL Energy (ASX: AGL), Temple & Webster (ASX: TPW), as well as Lovisa (ASX: LOV) also had plenty to cheer for this week.

Which shares dragged on the market?

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

• A number of gold stocks were on the outer this week, including West African Resources (ASX: WAF), Silver Lake Resources (ASX: SLR), Capricorn Metals (ASX: CMM), and Perseus Mining (ASX: PRU). In the case of West African Resources, the company was forced to lower its production guidance for FY24, while also raising its cost guidance.

• Investors rushed to the exits once news emerged that Santos’ (ASX: STO) proposed merger with oil giant Woodside collapsed, with the two parties at one stage in discussion to create an $80 billion energy juggernaut.
  

• Nickel Industries (ASX: NIC) found itself the target of selling pressure this week, just days after the company managed to post a rebound rally. It may be that some traders took the opportunity to lock in short-term profits, albeit long-term investors are still staring at a 40% decline over the last year.
  
  

• Rounding things out, Energy Resources of Australia (ASX: ERA), Mader Group (ASX: MAD), and Whitehaven Coal (ASX: WHC) also weighed on the local share market.