ASX gainers and losers at noon: Mineral Resources, Talga Group, Corporate Travel and more

Here are the companies and sectors making headlines in afternoon trade.

Mineral Resources (ASX: MIN) – Shares in the diversified miner soared 16% after reaching a $1.1 billion agreement with Hancock Prospecting for its oil and gas exploration ground. The deal is set to further de-risk the company's balance sheet (FY24: $4.4bn debt). The key terms of the deal include:

• MinRes to sell 100% of its Exploration Permits 368 and 426 in the Perth Basin to Hancock and enter two JV agreements over its remaining onshore Perth Basin and Carnarvon Basin exploration acreage

• Under the agreements, MinRes will receive total cash consideration of up to $1.13 billion

• The transaction proceeds come in two tranches: Upfront consideration of $804 million and an additional $327 million subject to meeting certain resource thresholds

• Hancock will also receive a 50% share in MinRes' remaining Perth Basin and Carnarvon Basin permits

Talga Group (ASX: TLG) – Shares soared 44% after the Swedish Supreme Court dismissed an appeal against the environmental approval granted to Talga Group for its Nunasvaara South Graphite Mine. The company says the decision concludes the statutory appeals process, and the Environmental and Natura 2000 permit is now officially in effect.

Corporate Travel (ASX: CTD) – Shares surged 8.1% after reporting a relatively mixed AGM trading update. The presentation said the company is on track to deliver 'Rest of the World' (ROW) revenue growth of 10% year-on-year and EBITDA margin between 23-27.5%. The company warned that its targets for Europe are at risk, partly due to the reduction in UK government spending. These changes are largely responsible for Corporate Travel's decline, with its shares down around 35% year-to-date.

JB Hi-Fi (ASX: JBH) – Shares in the electronics retailer rallied 5.7% and back near record levels after reporting a FY25 sales update. The stock experienced a sharp 2.4% pullback on Wednesday, largely driven by the hotter-than-expected CPI numbers. The update referred to numbers for the period 1 July to 30 September 2024:

• Total sales growth for JB HI-FI Australia was 4.9% with comparable sales growth of 5.0%

• Total sales growth for JB HI-FI New Zealand was 19.6% with comparable sales growth of 2.7%

• Total sales growth for The Good Guys was 5.3% with comparable sales growth of 5.0%

Catapult Group (ASX: CAT) – Shares up 3.6% after the company signed a new multi-year deal with Rugby Football Union, Premiership Rugby, and Premiership Women's Rugby. Catapult will supply the teams with its full performance analysis suite, including the Catapult Vector System, offering a comprehensive understanding of both team and individual performance. The terms of this deal were undisclosed.

The Star Entertainment (ASX: SGR) – Shares in the beleaguered casino operator spiraled 7.8% lower and now down 22% in the past month. The company reported its Q1 results on Wednesday, which flagged an 18% decline in revenue to $351 million and an EBITDA loss of $18 million (vs. EBITDA positive of $62m a year ago). The Star said its observing a continued deterioration in operating performance from a challenging operating environment and the continued implementation of mandatory carded play and cash limits.

Nickel Industries (ASX: NIC) – Shares dipped 5.7% after Jefferies downgraded the stock from Buy to Hold. A $1.00 target price was retained.