Key takeaways:

• The ASX recorded a new all-time high as fresh inflation data showed encouraging signs for the RBA

—

Before we get into today’s Friday Wrap, a quick reminder: tell us how satisfied you were with this article using the star rating system below. After you rate, wait for a text box to pop up and let us know which stocks and companies you want analysed in future.

Which shares excelled?

Megaport’s (ASX:MP1) shares surged 37% to $12.48 following its quarterly earnings report, which exceeded targets and announced a significant US healthcare customer deal worth $4.2 million over three years. Quarterly revenue rose by 5% to $48.6 million, with annual recurring revenue increasing 1%, despite a strong Australian dollar.

The Brisbane-based cloud connectivity provider has successfully reduced its spending outlook to between $20 million and $22 million from a previous range of $28 million to $30 million. This cost-cutting and a revised sales strategy under new CEO Michael Reid have led to the closure of short-seller positions, which once accounted for nearly 12% of its shares but now stand at about 2.5%. Megaport, which has seen its share price grow by 63% over the past year, is capitalising on the demand for software-defined wide area network (SD-WAN) solutions, significantly expanding its market potential.

Nickel Industries (ASX:NIC) was another that made headlines with a quarterly update. Shares jumped 31% initially to finish the week at 26% after the company announced an increased dividend and a share buyback program worth up to US$100 million, something many are contrasting to other WA miners seeking government financial payouts.

Furthermore, the company reported record production and EBITDA of US$135.4m for the September quarter, leading to a 25% increase in its final dividend to 2.5 cents per share. Robust profitability, supported by its association with Tsingshan and the competitive costs in Indonesia, allows for a revised dividend policy of distributing 30-60% of free cash, distinguishing it from Australian competitors facing challenges from declining nickel prices.

Bapcor (ASX:BAP) rose against the market trend on Thursday, driven by the announcement of a new CEO and managing director earlier in the week. Despite posting soft half-year results, including a modest 2% revenue growth, speculation about the company becoming a private equity target spurred discussions.

Westgold Resources (ASX:WGX) reported its fourth consecutive quarter of cash build, with gold production of 59,238 ounces at an all-in sustaining cost of $2,245 per ounce in the second quarter of FY24. Tabcorp (ASX:TAH), Liontown Resources (ASX:LTR), Deep Yellow (ASX:DYL), Cettire (ASX:CTT), and Credit Corp (ASX:CCP) also posted strong performances over the week.

Which shares dragged on the market?

Gold Road Resources (ASX:GOR) faced a downturn, hitting a seven-month low due to decreased production at its Gruyere mine, attributed to labor shortages and delays in accessing higher-grade ore. Regis Resources (ASX:RRL) emerged from a trading halt to news related to its interest in the outcome of legal proceedings between IGO and South32, which could affect royalties for tenements overlapping with its Tropicana Gold Project.

Incitec Pivot (ASX:IPL) saw its shares fall nearly 8% on Wednesday as it traded ex-return on capital, following a $500 million return of surplus capital to shareholders through an equal capital reduction and an unfranked special dividend. Lastly, Alpha HPA (ASX:A4N), Energy Resources of Australia (ASX:ERA), Mader Group (ASX:MAD), and Lynas Rare Earths (ASX:LYC) experienced modest sell-offs.