Weekly | MP1 & NIC Surge 30% on Strong Updates & Dividend

As of the close on Friday, $S&P/ASX 200(XJO.AU)$ closed at 7,699.40 points, up 1.91% in the past 5 days.

1. $Megaport Ltd(MP1.AU)$ +37.86%

Megaport Ltd released a strong quarterly update on January 30, 2024, highlighting significant growth in revenue, annual recurring revenue, EBITDA, and net cash flow.

The broader market sentiment, particularly the optimistic outlook on the technology sector in Australia, contributed to the increase in Megaport's share price.

2. $Nickel Industries Ltd(NIC.AU)$  +29.95%

NIC stock surged 29% this week following the specialty miner's report of record nickel output totaling 34,450 metric tons from its rotary kiln electric furnace.

Nickel Industries saw a substantial rise as it achieved record EBITDA of US$135.4 million in the September quarter.

In response to its strong performance, the company announced a 25% increase in its final dividend to 2.5 cents per share, amounting to $107.25 million, along with an on-market share buyback program of up to US$100 million.

3. $TABCORP HOLDINGS LIMITED(TAH.AU)$ +13.61%

Tabcorp Holdings Limited is an Australian diversified gambling entertainment group.

There is no price-sensitive news available. The company may benefit the bullish trend of Star Entertainment Group

4. $PALADIN ENERGY LTD(PDN.AU)$ +11.79%

Paladin Energy Ltd, is a uranium production and exploration company with projects in Australia, Canada, and Africa.

The global demand for uranium is expected to increase as more countries pursue nuclear energy as a clean and reliable source of power.

Citi’s Team has upgraded its estimates for short and long term uranium price.

These factors have contributed to the strong performance of PDN, which has increased by 6.59% today and reached a 52-week high of $1.385.

5. $Polynovo(PNV.AU)$ +9.72%

PNV continued its uptrend after the company released a strong trading update for the first half of FY2024.

The company increased 65.6% in global revenue, and reported record sales revenue of $42.2 million.