Key takeaways:

• Reporting season was central to this week’s top performing stocks and underachievers

  
  

Which shares excelled?

These were the major winners over recent trading sessions:

• Altium (ASX: ALU), a leading software company for printed circuit boards, delivered a strong set of numbers for FY23 underpinned by robust subscription revenue, while the company’s FY24 forecast suggests revenue growth of between 20-23%

• Record sales and EBIT, plus news of a potential demerger for Premier Investments’ (ASX: PMV) flagship brands Peter Alexander and Smiggle delighted investors, with an operational review set to examine the prospect of unlocking value across the group

• A rebound in international student numbers led to record revenue for IDP Education (ASX: IEL), with its net profit after tax rising 45% amid strategic expansion

• Wealth management platform Hub24 (ASX: HUB) will launch a $50 million on-market share buyback after its EBITDA leapt 45% in FY23 thanks to a 23% improvement in funds under administration, and net inflows of $9.7 billion

• Also performing strongly through the first half of the week were Domino’s (ASX: DMP), Audinate (ASX: AD8), Megaport (ASX: MP1), Mader Group (ASX: MAD), and Latin Resources (ASX: LRS)

Which shares dragged on the market?

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

• Iress (ASX: IRE) stunned the market as it swung to a first-half loss of $140 million, suspended its interim dividend, and downgraded its FY23 guidance following a cost blowout at the fintech and a significant impairment of its UK goodwill

• While it met market forecasts for FY23, Judo Capital’s (ASX: JDO) outlook caused angst among shareholders, with the challenger bank’s margins set to shrink due to competition, a funding roll-off, and rising bad debts

• Alumina (ASX: AWC) delivered a net loss of US$38.7 million and scrapped its interim dividend, while also citing “significant uncertainty” regarding the future of Alcoa’s business in WA in the wake of permit delays

• On Thursday, Ramsay Health Care (ASX: RHC) shed $1.5 billion in market cap, with expenses weighing on the hospital operator’s post-pandemic hospital and day surgery earnings outlook

• Elsewhere, a number of well-known stocks were under pressure this week including Nanosonics (ASX: NAN), Iluka Resources (ASX: ILU), WiseTech Global (ASX: WTC), Costa Group (ASX: CGC), and Magellan Financial (ASX: MFG)

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