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

A billionaire triumphed over AGL's board and Webjet's managing director quoted a legendary rapper.

| More on:
A woman looks shocked as she drinks a coffee while reading the paper.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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 Guscic 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. 

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.

More on Share Market News

a man in a business suite throws his arms open wide above his head and raises his face with his mouth open in celebration in front of a background of an illuminated board tracking stock market movements.
Broker Notes

Analysts say these ASX shares are top buys in June

Brokers are urging investors to buy these shares. Let's find out why.

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors finished the trading week on a high note this Friday.

Read more »

A man in trendy clothing sits on a bench in a shopping mall looking at his phone with interest and a surprised look on his face.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Brainchip, Findi, Lottery Corp, and REA shares are falling today

These shares are ending the week in the red. But why?

Read more »

Happy teen friends jumping in front of a wall.
Share Gainers

4 ASX 200 shares leading the charge higher this week

Investors have been piling into these four ASX 200 shares this week. But why?

Read more »

Woman and man calculating a dividend yield.
REITs

What price target does Macquarie have on Goodman Group shares?

Goodman Group posted an interesting set of numbers in Q3. Here's Macquarie's take.

Read more »

A happy investor sits at his desk in front of his laptop and does the mexican wave with his arms to celebrate the returns from his ASX dividend shares
Share Gainers

Why Catapult, Champion Iron, Healthco, and Meeka Metals shares are pushing higher today

These shares are ending the week on a high. But why?

Read more »

Miner looking at a tablet.
Broker Notes

Why Macquarie expects this ASX 200 copper stock to surge 36% in a year

Macquarie forecasts some hefty gains ahead for the ASX 200 copper miner. But why?

Read more »