5 of the craziest things making news on the ASX this week

It’s been a big week for ASX fans – plenty of exciting news has likely kept their eyes glued to the market.

Keep reading to learn of five of the most exciting announcements to hit the Aussie bourse.

The S&P/ASX 200 Index (ASX: XJO) has slipped 0.3% so far this week. Meanwhile, the All Ordinaries Index (ASX: XAO) is down 0.15%.

5 things making huge news on the ASX this week

Cannon-Brookes’ boardroom victory

First up was Mike Cannon-Brookes’ victory over the AGL Energy Limited (ASX: AGL) board at the company’s annual general meeting (AGM).

The tech billionaire put forward four nominations for the board, of which only one was recommended by the company.

Despite the board’s pushback, shareholders voted to elect all four nominations, marking Cannon-Brooke’s second triumph over those in control.

ASX 200 travel favourite survives ‘valley of the shadow of death’

More weird and wonderful news came amid Webjet Limited (ASX: WEB)’s earnings for the first half. Particularly, as managing director John Guscis opened its earnings conference with the altered lyrics of Coolio’s Gansta’s Paradise:

As Webjet walked through the valley of the shadow of death we took a look at our life to see what was left, and it looked like there is more than ever before.

The company also flipped the script on its earnings. It closed the period in the green for the first time since the COVID-19 pandemic‘s onset – revealing a $32 million underlying profit.

Lithium stocks soar then plummet

It was a wild week for most ASX lithium favourites, with many roaring up to 12% higher on Monday before plunging as much as 14% on Tuesday.

The mammoth moves came amid word China will ease some of its COVID-19 restrictions – seemingly good news for commodities. Tuesday’s slump might have also been in response to reported bearishness from Goldman Sachs and a major cathode maker, as well as a falling lithium futures contract.

Topping off the lithium news this week, Pilbara Minerals Ltd (ASX: PLS) flagged its maiden dividend and posted a successful lithium auction result.

ASX’s $250m hit as CHESS replacement abandoned

Meanwhile, mind-blowing news was released by ASX Ltd (ASX: ASX). The market operator has hit the emergency stop button on its CHESS upgrade – ongoing since 2015.

It also revealed its upcoming earnings will take a $245 million to $255 million hit as the replacement system’s capitalised software is derecognised.

The decision was made after an independent review found the shiny new software might not meet ASX’s requirements.

CBA posts $2.5b quarterly profit

Finally, ASX 200 goliath Commonwealth Bank of Australia (ASX: CBA) made news this week. The banking giant announced a whopping $2.5 billion first-quarter profit.

It also revealed a 9% jump in income and a 4.5% lift in expenses. 

The post 5 of the craziest things making news on the ASX this week appeared first on The Motley Fool Australia.

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More reading

• Pilbara Minerals share price on watch as chair describes maiden dividend as ‘great source of pride’
• 5 things to watch on the ASX 200 on Friday
• IGO shares dip as investors hear of ‘a pipeline of growth opportunities’ at AGM
• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Thursday

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs. The Motley Fool Australia has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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