The ASX 200 kicked off the week on a strong note, as it closed 0.47% higher and moved back within touching distance of highs. The All Ords edged within 5 points of the record highs, gaining 0.45%, and signaling robust investor confidence across the leading Aussie indices.
One of the big movers of the day was to the downside, with the sharp decline of Web Travel Group (ASX:WEB), seeing shares plummet by 35.56%. This dramatic drop was precipitated by a trading update that revealed despite growth in Total Transaction Value and bookings, the company’s EBITDA margins were on the decline—a worrying sign for profitability.
Treasury Wine Estates (ASX:TWE) contributed to the day’s optimistic tone, its shares climbing over 1.5% following the news of an in-principle agreement to settle a shareholder class action that originated in 2020. The agreement potentially brings an end to a period of uncertainty for the company.
D3 Energy (ASX:D3E) shared good news as well, announcing the completion of the RBD12 well in Free State, South Africa. The well reached its total intended depth of 594m and encountered gas flow to the surface, indicating a potentially productive venture for the company.
While the dive in Web Travel Group’s shares was a notable exception, the general market sentiment on ASX was decidedly upbeat and with the leading indices closing in on highs, and sentiment in US markets leading a bullish tone of their own, tomorrow’s session could be one to watch.
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