Weekly | SQ2, NEU, ING Jump on Positive Guidance! CIA Continues Strong Momentum

As of the close on Friday,$S&P/ASX 200(XJO.AU)$ closed at 6,978.20 points, up 3.12% in the past 5 days.

During the last 5 trading days, $Block Inc(SQ2.AU)$ added 21.11%; $NewMarket(NEU)$ was up 19.75%; $Inghams Group(ING.AU)$ rose 17.22%; and $Polynovo(PNV.AU)$ increased 13.60%; $Citizens(CIA)$ was up 12.82%

1. Payment services provider $Block Inc(SQ2.AU)$ surged 21.11%

The company beat Q3 earnings, raises guidance and also announces a $1 bln stock buyback.

• Revenue was $5.62 bln, higher than $5.43 bln

• Bitcoin revenue reached $2.42 bln, up 37% YoY

• Adjusted EBITDA guidance raised to $2.4 bln,higher than expected $1.94 bln.

2. $Neuren Pharma(NEU.AU)$ up 19.75%: DAYBUE, Rett syndrome drug, sales tripled

The sales of its Rett syndrome drug, DAYBUE almost tripled in a quarter.

• According to the release, its partner $ACADIA Pharmaceuticals(ACAD)$ delivered Q3 Daybue net sales in US of US$66.9 mln.

• Guidance for net sales in Q4 2023: US$80 mln - US$87.5 mln.

• Anticipated royalties to Neuren are A$10.4 mln for Q3 and A$12.5 mln to A$13.7 mln for Q4.

3. Poultry company $Inghams Group(ING.AU)$ surges 17.22% following a positive trading update for the half-year

• The company reported a recovery in operational performance across various metrics, including farming, processing, and wholesale pricing.

• Strong demand for poultry products and an accelerated recovery in New Zealand contributed to the positive outlook.

4. Medical devices provider $Polynovo(PNV.AU)$ rebounds 13.60%

• PolyNovo Limited develops medical devices in the United States, Australia, New Zealand, the United Kingdom, Ireland, Singapore, and internationally.

• With no price-sensitive news, PNV seems to rebound with the broader market after the continued declines ceased on 24th Oct.

5. $Champion Iron Ltd(CIA.AU)$ added 12.82%: Strong momentum after earnings

• Champion Iron showed strong momentum after earnings released on 26th Oct.

• The company produced a record amount of high-grade iron concentrate and selling more iron-ore concentrate than before.

• Bloom Lake mine in Quebec achieved its expanded nameplate capacity of 15 million tonnes a year in the last 30 days and reported record production.