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

It’s been a good week for ASX fans, and there’s been plenty of news to catch their eye.

The S&P/ASX 200 Index (ASX: XJO) has lifted 1.34% so far this week. Meanwhile, the All Ordinaries Index (ASX: XAO) is up 1.2% week-on-week right now. Both indices are currently trading at near-six-month highs.

So, which stocks have been helping to bolster the market? Keep reading to find out.

5 ASX shares making big news this week

Qantas posts shock guidance

Is it a bird? Is it a plane? No, it’s a flying kangaroo. The Qantas Airways Limited (ASX: QAN) share price soared 5% on Wednesday after the company surprised the market with a guidance upgrade just months after tipping its first post-COVID profit.

The ASX airline share now expects to reveal between $1.35 billion and $1.45 billion of underlying profit before tax for the first half of financial year 2023. That’s $150 million higher than its previous projection.

Kogan eyes historic recovery

Continuing this week’s good news, Kogan.com Ltd (ASX: KGN) shares launched 8% yesterday after the company’s CEO tipped it to post “historical operating margins during the second half.”

That probably had long-term investors jumping for joy. The online retailer’s stock has dumped a whopping 85% since its 2020 high.

BWX flags return to trade after 3-month freeze

Recent times haven’t been so kind to skin and hair care company BWX Ltd (ASX: BWX), however. Its share price hasn’t gone anywhere since August amid confusion over its recent earnings.

But BWX this week flagged its audited earnings will likely drop on Monday, with its share price expected to thaw on Tuesday.

BrainChip surges amid Amazon appointment

Meanwhile, the share price of ASX 200 artificial intelligence company BrainChip Holdings Ltd (ASX: BRN) has rocketed 16% this week.

Its gains came amid news of the company’s new chief marketing officer, former Amazon.com Inc (NASDAQ: AMZN) face Nandan Nayampally.

Coal stocks pop, then drop

Finally, the week was also good to ASX 200 coal shares, until it wasn’t.

Stock in Whitehaven Coal Ltd (ASX: WHC), for instance, lifted 17% between Monday’s open and Wednesday’s close. However, Thursday saw it tumble 7%.

That came despite no price-sensitive news from the energy giant. However, coal prices likely played their part.

Additionally, word that Whitehaven managing director and CEO Paul Flynn offloaded $7.9 million of the company’s stock might have weighed on its share price yesterday.

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

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• Here are the top 10 ASX 200 shares today
• Three comforting lessons for investors whose portfolio has been smashed versus the surprisingly good return of the ASX 200
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why Kogan, Nick Scali, PointsBet, and Sayona Mining shares are pushing higher

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. 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 Amazon and Kogan.com ltd. The Motley Fool Australia has positions in and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Amazon and BWX Limited. 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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