The ASX's Worst Streak in Eight Years

The ASX 200 fell 0.6% for the week, its third consecutive weekly loss. Woolworths led the damage this week after quietly downgrading its earnings outlook amidst cost pressures. Friday brought some relief to the benchmark, rising 0.7%, snapping an eight-day losing streak - the longest since 2018. Like last week, while the ASX has been declining, the S&P500 and the NASDAQ over in the US continued to set record highs.

This week’s best performers

Codan Limited (ASX:CDA) +21.58%

This week’s trading update revealed Codan’s full-year EBIT is expected to hit $235m and NPAT of around $170m, growing 60% compared to the last financial year. For the technology company, its surge in financials comes from its communications divisions and Minelab metal detector business, which are both running ahead of initial FY26 forecasts. Defence demand for its software-defined radios is the underlying story here; geopolitical tension is terrible for the world, but it's been very good for Codan's order book.

Liontown Limited (ASX:LTR) +17.86%

Liontown shares rallied towards a multi-year high on the back of its strongest financial quarter since production began at its Kathleen Valley lithium mine, and the market noticed. Liontown posted $197m in revenue for the March quarter, growing 51%, driven by an 87% surge in the price it received per tonne of lithium concentrate shipped to customers. The update also marks Liontown’s first quarter where its operating cash flow fully funds its business, another attractive headline for investors this week.

Mineral Resources Limited (ASX:MIN) +12.35%

MinRes delivered a quarterly update that gave investors plenty to cheer about, with the diversified miner upgrading its volume guidance across four of its five divisions. The average price received across its lithium mines surged 92% compared to last quarter, riding the same lithium wave as Liontown. However, investors should be on the lookout for its next quarterly update, with their diesel prices doubling since March due to the Middle East conflict, which may weigh on costs ahead.

This week’s worst performers

Resolute Mining Limited (ASX:RSG) -15.66%

Resolute, the African gold miner, was unlucky this week after its operations in Mali came under scrutiny following Al-Qaeda-linked attacks in the capital Bamako. Resolute swiftly reassured investors that their Syama operation, located in southern Mali, was continuing without interruption - but the damage was already done with shares dropping 10% on Tuesday. After a solid quarterly update last week where operating cash flow recorded US$119.8m, it's some bad luck for the gold miner.

Westgold Resources Ltd (ASX:WGX) -11.70%

Gold miners didn't have a great week, with Westgold leading the fall, as gold prices declined nearly 5% through April. Despite a positive start to the year on the back of its impressive half-year results, Thursday’s ~9% drop erased its 2026 efforts, highlighting how quickly sentiment can change in the resources sector.

Woolworths Group Ltd (ASX:WOW) -9.87%

Despite a positive quarterly update from the numbers, with sales up 4.5% from the prior year and its Australian Food and eCommerce divisions rising too, its future outlook was downgraded by management - enough to send the stock falling nearly 10%. Increased costs mainly from fuel pressure flowing through from the Middle East, combined with market growth slowing in their New Zealand division, as management faulted the market being highly competitive.