Which Shares Excelled?

In recent trading sessions, several companies stood out with exceptional performances. Cettire (ASX: CTT) led the way following its AGM, emphasising ongoing growth and plans for expansion. The gold sector also shone brightly, with Bellevue Gold (ASX: BGL) leading as gold prices briefly surpassed US$2000 per ounce.

Pexa Group (ASX: PXA) pleased investors with its strategy update, indicating it’s on track for FY24 guidance and exploring growth opportunities, especially in the UK. Meanwhile, AMP (ASX: AMP) announced a significant $100 million settlement related to a 2019 class action and shares spiked 6.7%.

Others showing strong performance included Tuas (ASX: TUA), Genesis Minerals (ASX: GMD), Wildcat Resources (ASX: WC8), De Grey Mining (ASX: DEG), and Downer EDI (ASX: DOW).

Which Shares Dragged on the Market?

Several stocks exerted downward pressure on the market. Healius (ASX: HLS) struggled due to a heavily discounted entitlement offer of $154 million at $1.20 per share — a 35% discount to its last trade. While 92% of institutional shareholders supported the offer, the company is now pursuing an additional $33 million through a retail offer. This capital raise aims to reduce net debt and reset its balance sheet, coinciding with renegotiated debt covenants. However, the dividend for FY 2024 will be suspended, contributing to a 64% decline in Healius shares over the past year.

The Star Entertainment Group Ltd (ASX: SGR) hit all-time low, significantly influenced by individual investors who hold 52% of the company. With the stock price dropping 7.1% last week and 10% this week, these individual investors faced the most losses, alongside institutions owning 33% of the stock. The company’s recent challenges include the indefinite suspension of its NSW gambling license and a deferred suspension in QLD, following inquiries that deemed Star Entertainment unsuitable to hold a casino license.

To address these issues, the NSW Independent Casino Commission (NICC) extended the term of Sydney Casino’s special manager, Nicholas Weeks, until June 30, 2024, and the QLD manager’s term until December 8, 2024, as part of Star Entertainment’s remediation planning. The company’s shares are currently trading at 50 cents, reflecting a 10.4% decline over the week.

Accent Group (ASX: AX1) continued to feel the effects of a lackluster trading update. SG Fleet (ASX: SGF) shareholders faced a tough day due to a sell-down by Aybens. Core Lithium (ASX: CXO), Sayona Mining (ASX: SYA), Nickel Industries (ASX: NIC), Life360 (ASX: 360), and Nick Scali (ASX: NCK) also encountered setbacks.