Weekly | PNV & RMD Jump on Strong Earnings Update

As of the close on Friday, $S&P/ASX 200(XJO.AU)$ closed at 7,555.40 points, up 2.84% in the past 5 days.

1. $Polynovo(PNV.AU)$ +13.56%

PNV, an Australian medical technology company, rose this week after the company released a strong trading update for the first half of FY2024.

Key highlights include a 65.6% increase in global revenue, record sales revenue of $42.2 million, and positive earnings.

2. $ALUMINA LTD(AWC.AU)$ +11.44%

Alumina Limited experienced a rise this week due to positive developments in global alumina markets.

The rebound in Australian alumina prices, coupled with increased Chinese domestic prices amid supply concerns, contributed to the positive sentiment.

Market data from Platts indicates a significant increase in alumina prices, with spot liquidity remaining robust.

3. $ILUKA RESOURCES LIMITED(ILU.AU)$ +10.79%

Iluka Resources is a major producer of mineral sands, primarily zircon, rutile, and synthetic rutile.

• ILU reported an 8.1% y/y increase in FY23 zircon/rutile/synthetic rutile production.

• Goldman Sachs raised FY23 earnings-per-share estimate by 17% on higher revenue.

• Despite a reduction in FY24 EPS estimates by 23%, FY25 estimates were raised by 18% on increased zircon sales.

4. $Star Entertainment(SGR.AU)$ +10.20%

SGR is a leading Australian etertainment company that operates integrated resorts, casinos, and entertainment complexes.

The Star Entertainment Group has named Janelle Campbell as the Chief Executive Officer of Operations in Sydney, completing the final CEO appointment as part of its organizational restructuring this week.

5. $ResMed(RMD)$ +7.81%

RMD is a global leader in developing and manufacturing medical devices, particularly in the field of sleep apnea and other respiratory disorders.

• ResMed stock surged by 7% as the company reported Q2 revenue and profit exceeding Wall Street expectations, driven by robust demand for its respiratory devices used in treating sleep apnea.

• In Q2, ResMed achieved an adjusted profit of $1.88 per share, surpassing analysts' estimates of $1.80, while its revenue reached $1.2 billion, exceeding the estimated $1.15 billion.