Key takeaways:

• Mining companies continued to announce downgrades over recent trading sessions

• M&A activity was at the heart of this week major movers

The local share market was swayed by merger and acquisition news, as well as quarterly updates, but ultimately found some support from tech strength in the US.

Which shares excelled?

Vitamins and nutritional supplements supplier Blackmores (ASX: BKL) was one of the leading stories over recent days. The company received a $1.9 billion takeover from Japanese beverages giant Kirin Corporation, which is looking to diversify its operations.

Supporting the deal, major shareholder Marcus Blackmore is selling his 18% stake in the business to Kirin, providing an endorsement for the suitor. Kirin has offered Blackmores shareholders $95 per share as part of its efforts to acquire the company. In the absence of a higher offer, the Blackmores board has recommended that shareholders vote in favour of the scheme, with an independent expert to review the deal before a shareholder vote in July.

Infection prevention company Nanosonics (ASX: NAN) is among the winners this week, despite no price-sensitive news coming from the business. The healthcare sector started the week in strong fashion, including Nanosonics, which posted a blistering 7.5% gain on Monday. The stock has been in an uptrend since the start of the new year, with its market cap growing by one-third, even recording a fresh 52-week high.A host of other names have delivered modest gains, such as Credit Corp (ASX: CCP), Kelsian Group (ASX: KLS), Boss Energy (ASX: BOE), Telix Pharmaceuticals (ASX: TLX), Resolute Mining (ASX: RSG), and Gold Road Resources (ASX: GOR). Of the preceding names, gold and uranium were two of the common themes among other outperformers, with both segments finding favour.

Which shares dragged on the market?

The share price of Syrah Resources (ASX: SYR) tumbled on Thursday after the company informed the market about its latest quarterly activity. The graphite miner sales were flat for the quarter, which management attributed to volatile sales from its Chinese anode customers. 

However, investors also honed in on production and cost issues at Syrah Balama Project, where operational issues and maximum inventory positions resulted in C1 cash costs exceeding its weighted average sales price. That development has prompted the business to ease production activity for the time being.

On a separate note, funeral operator InvoCare (ASX: IVC) started the week on the back foot after its takeover suitor, TPG, withdrew its $1.8 billion offer to acquire the company. Previously, InvoCare management indicated that they believed the offer materially undervalued the company, withholding TPG access to due diligence. Building materials supplier Adbri (ASX: ABC) also weighed on the market this week, which followed an update on its Kwinana upgrade. The company advised the market that construction costs are now expected to come in more than double original forecasts. Originally, an estimate of approximately $200 million was provided, but management now anticipates costs in the order of $385 million to $420 million, highlighting the impact of inflation, among other headwinds.Mining company Mineral Resources (ASX: MIN) was forced to cut its services production guidance this week, and shareholders were none too pleased about the news. The company suggested that fewer contracts have been coming through, with many projects stuck in the approval stage. With delays also hitting its Mount Marion Lithium Project, shareholders wasted no time selling the stock. Also coming unstuck thanks to a production downgrade, South32 (ASX: S32) shares were battered at the start of the week. The diversified miner shed as much as 10% of its market cap in a single session after slashing production guidance across five of its mine sites, led by shortfalls for lead, silver, and zinc. Management cited the role of adverse weather and other temporary impacts in reducing group production, even though a point was made to emphasise that FY23 production guidance is intact at most of its individual operations.Energy Resources of Australia (ASX: ERA), Arafura Rare Earths (ASX: ARU), Imugene (ASX: IMU), and Champion Iron (ASX: CIA) are also among this week laggards.

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

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