ASX Trading Wrap: CSL hits a fresh low as health stocks tumble
Rene Anthony
Key takeaways:
Gold gained ground amid a declaration of war in the Middle East, while health stocks had a week to forget
Which shares excelled?
These were the major winners over recent trading sessions:
Selfwealth (ASX:SWF): In a shameless plug, our company’s stock was among the top performers after surging 21% in Friday trading. We’ll leave you to google why.
Core Lithium (ASX: CXO): This stock stood out this week, benefitting significantly from an upgrade to ‘neutral’ by investment bank Citi.
Gold Stocks in the Limelight: Following the precious metal’s rally due to the attack in Israel, mid-tier names such as Westgold Resources (ASX: WGX), Silver Lake Resources (ASX: SLR), Ramelius Resources (ASX: RMS), and Resolute Mining (ASX: RSG) gained traction.
PEXA Group (ASX: PXA) Reassessed: Shortly after the market initially reacted with disappointment over its acquisition of a UK-based conveyancing tech provider, the online property exchange platform saw a rally.
Nickel Industries (ASX: NIC) Rebounds: The company’s shares bounced back from an 11-month low after announcing a positive final investment decision for the ENC HPAL Project, emphasizing its transition to battery-grade nickel.
Other Top Performers: Stocks such as Domino’s Pizza (ASX: DMP), Polynovo (ASX: PNV), Mader Group (ASX: MAD), and Latin Resources (ASX: LRS) were also notable performers.
Which shares dragged on the market?
These stocks had a significant impact on the local market during the week:
Biotech Heavyweight CSL (ASX: CSL): The stock plummeted to a four-year low, and alongside it, Resmed (ASX: RMD) also took a hit. This shift came as investors weighed new data related to the weight loss drug Ozempic, which may soon address chronic kidney disease.
Bank of Queensland (ASX: BOQ) Earnings Miss: After the regional lender missed its earnings expectations, its shares approached a 52-week low. This downturn also affected Judo Capital (ASX: JDO).
Boss Energy (ASX: BOE) Faces Volatility: Despite achieving a crucial milestone with the commencement of mining activities at its Honeymoon uranium project in South Australia, the stock experienced significant volatility due to profit-taking.
Tabcorp (ASX: TAH) Revenue Slump: A decline in first-quarter revenue put Tabcorp shares under selling pressure. The management attributed this drop to a softer trading environment.
Other Underperformers: Stocks such as Liontown Resources (ASX: LTR) and Centuria Capital (ASX: CNI) also lagged behind.
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