With another week over and out for the ASX, we saw the S&P/ASX200 (ASX: XJO) finishing a tad higher, up 0.22% for the week to finish at 6,669 points yesterday.
Here are three ASX shares that made some big moves this week.
Appen Ltd (ASX: APX)
In a rather surprising move, the Appen share price plunged this week, going from $26.10 on Monday morning to ending at $21.84 yesterday – a drop of over 16%. APX shares have now fallen 32% since making a new all-time high of $32 in late July. It’s clear the company is still dealing with the fallout from its less-than-well-received 2019 financial year earnings. Whether investors are nervous over the company’s acquisition of Figure Eight, which is bringing in less revenue than what Appen initially flagged, or just annoyed Appen didn’t increase its dividend, I don’t know. But this might be a good buying opportunity for this formerly high-flying WAAAX tech stock.
National Australia Bank Ltd (ASX: NAB)
I’m throwing in NAB here because this ASX banking giant made a new 52-week high of $29.26 just yesterday, despite no real news coming out of the company. NAB shares have had one of their best weeks since the May election, rising from nearly 5% from Monday’s price of $27.80 to closing the week at $29.16, just below the new high. It’s possible that the rebounding property market is getting investors keen to jump into NAB and the other ASX banks (who also saw tidy share price rises this week). Whatever the reason – NAB is a clear winner this week.
NIB Holdings Ltd (ASX: NHF)
NIB is another company that had an interesting week. Yesterday before market open, the company was forced to issue a ‘correction’ to the ASX, after someone at NIB realised one of the charts presented in the company’s 2019 financial year earnings report was incorrect. This didn’t stop NIB shares finishing the week at $7.49 – a full 5% higher than Monday’s $7.13. NIB has been one of the ASX’s biggest blue-chip winners this year so far, with NIB shares up 45% since January (not including dividends) and so this latest bagger of a week gets this company to round out the list.
It’s been a good week on the ASX, with many companies banking new 52-week highs. Although the ASX200 is still below its all-time record set in July, it seems consistent positive sentiment is returning, which if continues, might see us get there again soon.
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Motley Fool contributor Sebastian Bowen owns shares of National Australia Bank Limited. The Motley Fool Australia owns shares of Appen Ltd and National Australia Bank Limited. The Motley Fool Australia has recommended NIB Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.