ASX Trading Wrap: Gold builds, while Harvey Norman, Temple & Webster charge ahead
Rene Anthony
Which shares excelled?
Temple & Webster (ASX: TPW) shares jumped over 30% after a strong business update highlighting a 23% year-to-date sales increase for FY24, and a 42% revenue growth in the current quarter. This surge was attributed to a successful brand campaign in Sydney, Melbourne, and Brisbane, as well as a highly profitable Black Friday-Cyber Monday period, generating $17.4 million in sales — a 101% increase from last year. Importantly, this robust sales performance was achieved without compromising margins, leading management to reaffirm its EBITDA margin guidance for FY 2024.
Imugene (ASX: IMU) saw its shares skyrocket after the US FDA granted fast-track designation for its cancer drug Vaxinia. Iress (ASX: IRE) surprised the market with an earnings upgrade, boosting its EBITDA guidance for FY24.
Gold prices nearing record highs positively impacted the sector, benefiting mid-tier miners like Resolute Mining (ASX: RSG), Emerald Resources (ASX: EMR), West African Resources (ASX: WAF), and Ramelius Resources (ASX: RMS). Others performing well included Healius (ASX: HLS), Collins Foods (ASX: CKF), Macquarie Technology (ASX: MAQ), and Harvey Norman (ASX: HVN).
Which shares dragged on the market?
Wildcat Resources (ASX: WC8) faced a decline despite promising drilling results at its Tabba Tabba Project. Uranium stocks like Deep Yellow (ASX: DYL), Paladin Energy (ASX: PDN), and Boss Energy (ASX: BOE) slid, with DYL’s resource upgrade potentially underwhelming.
Luxury goods retailer Cettire (ASX: CTT) experienced a share price drop following a significant stake sale by a major shareholder. AGL (ASX: AGL) and Karoon Energy (ASX: KAR), along with Corporate Travel Management (ASX: CTD) and G8 Education (ASX: GEM), also lagged behind the market.
ASX energy shares are down today, following a decline in global oil prices after a contentious OPEC+ meeting. Key energy stocks like Beach Energy Ltd (ASX: BPT), Woodside Energy Group Ltd (ASX: WDS), and Santos Ltd (ASX: STO) all dropped in response. The meeting highlighted internal disagreements, particularly around production cuts, which led to a dip in oil prices. With Brent crude now at US$82.82 per barrel, down 14% since September, the reduced oil prices are influencing the market sentiment and impacting ASX 200 energy shares.
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