There was a major upset at Moonee Valley on Friday night as Charm Stone ($31) produced a brilliant return to racing, storming home to land the Group 1 Manikato Stakes.

Prepared by Mick Price and Michael Kent Jnr, the mare had already proven herself last campaign with a first-up win in the Sangster Stakes, and she repeated the dose against a high-class mixed field. Given a peach of a ride by Blake Shinn, Charm Stone finished two lengths clear of Baraqiel with Magic Time a close third.

Price reflected on the mare’s checkered form last season, particularly her uncharacteristic failure in the The Goodwood. “She’s not the type to back up and that showed last time, but she’s been perfect this prep. The team has done a great job,” Price said.

Shinn, celebrating his birthday, was full of admiration. “She was dominant,” he said. “She jumped, relaxed, and then quickened brilliantly. To win a Group 1 on this day is very special.”

Charm Stone’s value also continues to soar. Just days earlier, a 10 per cent share was sold for $310,000, valuing her at $3.1 million. With Friday night’s win, her status as both a racehorse and broodmare has skyrocketed.