In a notable turn of events, the S&P/ASX 200 Index (ASX: XJO) marked the end of the week with a significant surge, achieving a 1.1% gain and settling at 6,977.1 points. This remarkable upswing was primarily fueled by the outstanding performance of four key ASX shares: Block Inc, Core Lithium Ltd (OTC: CXOXF), Neuren Pharmaceuticals Ltd, and Tietto Minerals Ltd. However, the fortunes of all ASX shares were not uniform.
Block Inc (ASX: SQ2)
Block Inc (ASX: SQ2) led the charge, recording an impressive 25% surge in its share price. This meteoric rise followed the release of its Q3 report, which disclosed a gross profit of $1.9 billion. Notably, this sum encompassed Square’s gross profit of $899 million and Cash App’s gross profit of $984 million.
Core Lithium Ltd (ASX: CXO)
Core Lithium Ltd (ASX: CXO) witnessed a notable 8.5% uptick in its share value. This positive movement was attributed to Albemarle (NYSE: ALB) Corp’s quarterly update, which indicated lower lithium sales volumes, consequently implying the potential for higher lithium prices.
Neuren Pharmaceuticals Ltd (ASX: NEU)
Neuren Pharmaceuticals Ltd (ASX: NEU) experienced a commendable 10% increase in its share price. This surge was instigated by the support of its partner, Acadia Pharmaceuticals, and was bolstered by its Q3 Daybue sales in the US, which amounted to $66.9 million. The company also projected Q4 royalties ranging from A$12.5 million (USD1 = AUD1.5531) to A$13.7 million.
Tietto Minerals Ltd (ASX: TIE)
Tietto Minerals Ltd (ASX: TIE) rejected an offer of 58 cents per share from Zhaojin Mining, which resulted in a 6% increase in its share price. As of now, the shares are priced at 60 cents.
Despite the overall optimism in the market, four ASX shares experienced a downturn on Friday:
Aussie Broadband Ltd (ASX: ABB)
Aussie Broadband Ltd (ASX: ABB) recorded a significant drop of nearly 8%. This decline came on the heels of a $120 million placement at a 9.4% discount, which was supported by institutional investors. The company aimed to fortify its capital investment pipeline and acquire Symbio Holdings Ltd (ASX: SYM).
Bowen Coking Coal Ltd (ASX: BCB)
Bowen Coking Coal Ltd (ASX: BCB) witnessed a 4.5% reduction in its share price. This drop followed the company’s decision to raise A$50 million through a discounted offering of new shares. The funds are intended to finance mining operations at Ellensfield South Pit until steady-state production in the second half of FY 2024.
Integral Diagnostics Ltd (ASX: IDX)
Integral Diagnostics Ltd (ASX: IDX) experienced a substantial 31% decrease in its share value. The sharp decline was attributed to cost inflation and clinical staff shortages, leading to increased labor costs and affecting the company’s operating EBITDA.
Treasury Wine Estates Ltd (ASX: TWE)
Treasury Wine Estates Ltd (ASX: TWE) saw a 6% decline following its successful equity raising of A$825 million, which included an institutional component that raised $604 million. The funds are earmarked for a $900 million acquisition of DAOU Vineyards.
