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S&P/ASX 200 Index gains 1.1%, while four ASX shares face downturn

EditorAmbhini Aishwarya
Published 03/11/2023, 06:04 pm
© Reuters.
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The S&P/ASX 200 Index (ASX: XJO) ended the week with a significant gain of 1.1%, settling at 6,977.1 points, propelled by the impressive performance of four ASX shares: Block Inc, Core Lithium Ltd (OTC:CXOXF), Neuren Pharmaceuticals Ltd, and Tietto Minerals Ltd. However, not all ASX shares shared the same fate.

Block Inc (ASX: SQ2) led the surge with a 25% increase in its share price following its Q3 report that revealed a gross profit of $1.9 billion, including Square (NYSE:SQ)'s gross profit of $899 million and Cash App's gross profit of $984 million. Core Lithium Ltd (ASX: CXO) saw its shares rise by 8.5% due to Albemarle (NYSE:ALB) Corp's quarterly update indicating lower lithium sales volumes, suggesting potential higher lithium prices. Neuren Pharmaceuticals' (ASX: NEU) shares were buoyed by its partner Acadia Pharmaceuticals and increased by 10% after reporting Q3 Daybue sales in the US of $66.9 million and projecting Q4 royalties between A$12.5 million (USD1 = AUD1.5531) to A$13.7 million. Tietto Minerals Ltd (ASX: TIE), with its shares currently priced at 60 cents, rejected Zhaojin Mining's offer of 58 cents per share, leading to a 6% increase in its share price.

In contrast, four ASX shares faced a downturn on Friday despite the overall positive market trend. Aussie Broadband Ltd (ASX: ABB (ST:ABB)) fell nearly 8% following a $120 million placement at a 9.4% discount, backed by institutional investors, aiming to bolster its capital investment pipeline and acquire Symbio Holdings Ltd (ASX: SYM). Bowen Coking Coal Ltd (ASX: BCB) dropped 4.5% after raising A$50 million at a discount for new shares to fund mining at Ellensfield South Pit until steady-state production in the second half of FY 2024. Integral Diagnostics Ltd (ASX: IDX) saw a 31% drop due to cost inflation and clinical staff shortages increasing labor costs, affecting its operating EBITDA. Treasury Wine Estates (OTC:TSRYF) Ltd (ASX: TWE) dipped by 6% after securing an A$825 million equity raising, with the institutional component raising $604 million, for a $900 million acquisition of DAOU Vineyards.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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