Earnings season bites: Pro Medicus and Nick Scali sold off while critical minerals rally

Pro Medicus (ASX:PME) led the week’s big moves, sliding 25.00% even after it posted record HY26 revenue and profit and talked up new contracts. Nick Scali (ASX:NCK) was next, down 21.93% as investors sold after its half-year update, with attention on the cost and disruption from the UK rebrand. Western Yilgarn (ASX:WYX) moved the other way, up 20.45% after reporting high-grade gallium and tellurium rock chips and pointing to a larger system that still needs drilling to confirm.

Why “good results” still got sold

Pro Medicus reported strong operating numbers and highlighted more than A$280 million of new contract wins. The share price still fell hard because one big line item was an unrealised investment gain. That is an accounting gain, not cash in the bank. Investors treated it as less dependable than software revenue. Nick Scali’s half-year was profitable, and the ANZ business grew. The selling came from worry about the UK work program. Store closures and refits can hurt sales while they are happening, and the pay-off can take longer than hoped. When a stock is priced for smooth progress, even a manageable delay can trigger profit-taking.

Gold: big miners paid, small miners drilled

Northern Star Resources (ASX:NST) gained 5.98% after reporting a 41% lift in profit and confirming heavy spend on the KCGM mill expansion and work on the Hemi project. Evolution Mining (ASX:EVN) added 7.67% after doubling profit and lifting its interim dividend to 20 cents. Investors cared because dividends are simple: they are cash paid out, not a promise. At the smaller end, drilling updates did the heavy lifting. Great Boulder Resources (ASX:GBR) surged 27.78% after deeper drilling extended gold mineralisation below its existing resource area. Zenith Minerals (ASX:ZNC) was softer, down slightly after reopening, even though it talked up an exploration target and a maiden JORC resource aim for late February 2026. In plain terms, traders often wait for the first formal resource number before they treat a project as closer to a mine.

Critical minerals and policy moves: money followed clearer routes to sales

European Metals Holdings (ASX:EMH) jumped 14.04% after a key rezoning approval at Cinovec and news of up to €360 million in strategic funding support. Investors liked this because rezoning is a practical step. It can decide where mining and processing can actually happen. Syrah Resources (ASX:SYR) rose 11.63% after the US set combined duties of about 160% on Chinese graphite active anode material imports, subject to final USITC approval in March 2026. That matters because it can make locally produced material more competitive on price. The risk is timing: if approvals slip or customers delay orders, the benefit arrives later.

Deals and funding: big cheques, different reactions

AGL Energy (ASX:AGL) climbed 16.42% after narrowing its FY26 guidance range and confirming the sale of its 19.9% Tilt Renewables stake for $750 million. Investors also liked the long-term arrangement with Aussie Broadband linked to the telco sale. The logic is straightforward: selling an asset brings in cash, and a partnership keeps customers coming through the door. Copper and storage also stayed in play. Cobre (ASX:CBE) ended up 15.63% for the week after a $60 million raise to buy into a producing Chile asset, although early gains faded after reopening. National Storage REIT (ASX:NSR) finished flat after agreeing to a $2.86 per security takeover offer via scheme. When a bid is on the table, the price often stops moving much because traders anchor to the offer price. Bottom line: March 2026 has a clear event risk for Syrah Resources (ASX:SYR) with the USITC decision on graphite duties, while late February 2026 is a key timing marker for Zenith Minerals (ASX:ZNC) as it targets a maiden JORC resource estimate.