Investing.com - The Australian stock market concluded trading on Friday with a marginal increase, with the energy and utilities sectors' gains counteracting the continued slump in tech stocks that has burdened the index throughout the week.
On Friday, the benchmark S&P/ASX 200 index added 11.6 points, or 0.1%, to reach 7040.8. With Wall Street closed for Thanksgiving and US futures trading higher, trading was notably subdued.
Compared to the previous week, the benchmark ended Friday 0.1% lower.
Energy stocks were the star performers of the week, rising 2.1%. Brent crude lingered near $US81 a barrel on Friday after falling 1.3% over the prior two sessions. This comes as OPEC+ members Angola and Nigeria advocate for increased output quotas in the lead up to an imminent meeting. Woodside and Santos saw gains on Friday, increasing by 1.4% to $31.93 and 1% to $7.07 respectively.
However, these gains were counterbalanced by a 3% decline in the tech sector over the week. This was primarily due to a lukewarm response from investors to the results from US-listed chipmaker Nvidia on Wednesday.
Origin Energy Ltd (ASX:ORG), a utilities heavyweight, saw a 2.8% increase to $8.56 on Friday, rebounding from a similar drop earlier in the week. The company, currently a takeover target, continues to be under scrutiny as shareholder AustralianSuper criticizes Brookfield's attempts to acquire additional time on its renewed $18.7 billion bid.
In other corporate news on Friday, Select Harvests Ltd (ASX:SHV) experienced a 10.5% drop to $3.91 as net losses deepened to $115 million in fiscal 2023, leading to the final dividend being scrapped.
Wisetech Global Ltd (ASX:WTC) saw a 3.2% decline to $64.05, despite reaffirming its outlook amidst new challenges from a weakening Australian dollar and the addition of two acquisitions. Chairman Andrew Harrison is set to retire in March, with board member Richard Dammery slated as his replacement.
Virgin Money (ASX:VUK) fell by 6.1% to $2.78. The UK firm reported a 42% decrease in full-year profit to £345 million ($660.5 million), largely due to a substantial £309 million provisioning charge against potential but not yet apparent bad debts, primarily in its credit card division.
Whitehaven Coal Ltd (ASX:WHC) saw a 3.4% increase to $7.28. The coal miner's Winchester South coking coal project received a recommendation to proceed from the Queensland government's coordinator general.