Key takeaways:

• Some of this week’s major movers were names related to the upcoming rebalance of the S&P/ASX Indices

Winners

Liontown Resources (ASX: LTR) was the talk of the town this week after receiving a non-binding takeover proposal of $3 per share from US-listed Albemarle. This sent the stock soaring, and investors are now speculating whether a rival bid might emerge.

Weebit Nano (ASX: WBT) is another stock that is on the move. The company is set to be included in the S&P/ASX 200, and fund managers are presumably buying the stock ahead of the index rebalance. This is a major development for the company, as it will give it greater exposure to institutional investors.

Judo Capital (ASX: JDO) made a comeback this week after its recent sell-off. Director buying provided shareholders with the confidence to buy the recent dip. This is a positive sign for the company, and it could be a signal that the worst is over for the stock.

Cettire (ASX: CTT) is another name that is set to benefit from an index reshuffle. The company is due to be included in the S&P/ASX 300, and this is likely driving the recent buying spree. This is a major milestone for the company, and it could lead to further gains in the future.

Other stocks that performed well this week include Boss Energy (ASX: BOE), Azure Minerals (ASX: AZS), Domain Holdings (ASX: DHG), Telix Pharmaceuticals (ASX: TLX), and IGO (ASX: IGO). These stocks are all benefiting from positive newsflow, and they could continue to outperform in the coming weeks.

Losers

Leo Lithium (ASX: LLL) was the worst performer this week after trading resumed following a lengthy suspension. Investors punished the stock in light of news that the Mali government has suspended the miner’s direct shipping ore operations from its Goulamina mine. This is a major setback for the company, and it could have a significant impact on its share price in the coming weeks.

Construction and mining contractor NRW Holdings (ASX: NWH) also saw its share price fall this week. Investors are still digesting last Friday’s news of a litigation settlement by one of its subsidiaries. This is a negative development for the company, and it could lead to further losses in the future.

Yancoal (ASX: YAL) and Super Retail Group (ASX: SUL) were also among the worst performers. Both stocks traded ex-dividend this week, which means that those holding shares at the time are entitled to a dividend. This is typically a negative catalyst for share prices, as it reduces the amount of cash that is available to shareholders.

Other laggards included Latin Resources (ASX: LRS), Australian Agricultural Company (ASX: AAC), Bellevue Gold (ASX: BGL), Lovisa (ASX: LOV), and NIB Holdings (ASX: NHF). These stocks are all facing challenges, and they could continue to underperform in the coming weeks.

Overall

It was a mixed week for the ASX. The market was boosted by positive news from the mining sector, but it was weighed down by losses in the energy and retail sectors.

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