Lithium stocks have been one of the big movers again, however, their fortunes split this week, with a couple of names standing tall above their peers. Elsewhere, investment managers returned to focus after M&A and trading updates, while some growth names hit new lows. 

Which shares excelled?

It was a volatile week for Sayona Mining (ASX: SYA), but the emerging lithium producer had chalked up one of the best performances across all mid-to-large-cap ASX stocks. The stock was lifted to a decade-plus high after management announced test results indicating spodumene from its Authier Lithium Project could be used to create battery-grade lithium hydroxide.

Spurred by M&A news, Pendal (ASX: PDL) shares have rocketed higher this week as the company found itself on the receiving end of a $2.4 billion takeover bid from investment manager Perpetual (ASX: PPT). The bid, which is a conditional and non-binding indicative proposal, values the company at $6.23 per share based on trading conditions at the time of the bid, with the offer currently under review by the Board. If successful, Pendal shareholders will receive $1.67 per share plus one share in Perpetual for every 7.5 shares in Pendal they currently hold.

Also in the funds management space, Magellan Financial Group (ASX: MFG) and GQG Partners (ASX: GQG) have put in strong performances over recent trading sessions. Both names were given a shot in the arm by their latest Funds Under Management (FUM) update. In the case of Magellan, it saw its total FUM rise in the second-half of March after a disastrous period beforehand, while GQG reported US$3.4 billion in net inflows over the March quarter.

Mineral Resources (ASX: MIN) is set to boost lithium production by hundreds of thousands of tonnes at two of its Pilbara mines, with the company citing booming demand for lithium across the world. It has also brought forward supply of spodumene concentrate ahead of schedule, delighting shareholders, and even drawing a broker price target upgrade from Bell Potter.

There has been strength for coal stocks once again, which followed news that the European Union is looking at banning coal imports from Russia. As one of the primary coal exporters, the ban on Russia could have an impact on coal supply and potentially drive prices higher. Yancoal (ASX: YAL) and New Hope Corporation (ASX: NHC) rode the tailwinds of this development.

Rounding things out, shares in AGL Energy (ASX: AGL) have continued their recent rebound, with the stock now well and truly above both of the takeover bids recently submitted by Brookfield and Mike Cannon-Brookes. This week’s catalyst was a positive broker report out of Morgans that upgraded the stock’s price target on an improved outlook for wholesale electricity prices. 

Which shares dragged on the market?

After leading the way over the last couple weeks, lithium stocks took a breather as investors took profits following a shaky performance from growth stocks following the lead of the Nasdaq index. Although neither company released price-sensitive news during the week, Piedmont Lithium (ASX: PLL) and Liontown Resources (ASX: LTR) led the declines in this sector, albeit both pulled back from what were effectively all-time highs, meaning shareholders can have few complaints.

Aristocrat Leisure (ASX: ALL) took a hit this week, charting a yearly low as the gambling machine manufacturer falls out of favour with investors. The company recently announced that it was suspending its mobile game operations in Russia, while also relocating its Ukrainian workforce to other locations. Although management downplayed any material impact on the company’s earnings, the issue may be proving an impediment to sentiment.

Another growth name in Pointsbet (ASX: PBH) hit its lowest level in two years this week, with the stock continuing what has been a downtrend in place for close to 14 months. The sports betting firm has now shed around 80% of its market cap since February, 2021, when it was at one stage trading around $16 per share. News this week that the company has launched its iGaming and sportsbook operations in Ontario, Canada, did little to arrest the stock’s decline.

Having made strong inroads towards reaching a 52-week high recently, Jumbo Interactive (ASX: JIN) was whacked back down to earth after news that the lottery game reseller’s CEO and founder, Mike Veverka, sold more than $12 million of shares in the company.

This week also saw pull-backs for the likes of Syrah Resources (ASX: SYR), Seven West Media (ASX: SWM), Breville Group (ASX: BRG) and South 32 (ASX: S32).

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