The Australian sharemarket has finished the week on a positive note and nearly reversed yesterday’s losses, after lifting by 1.15 per cent or 81pts, to 7146. Gains were seen across the market today after nine of eleven sectors finished in positive territory. Energy stocks however dragged the index lower after a 1.6 per cent slide in the sector pushed it to record its fifth straight weekly decline.

For the week, the ASX 200 posted its first win in five weeks after lifting by 1 per cent. This is the index’s tenth weekly win out of the twenty trading weeks we’ve had so far this year. Tech stocks surged 5 per cent higher and rebounded after falling for six straight weeks. However, the Consumer Staples sector posted its fourth straight weekly decline after shedding 3.5 per cent over the week – its largest weekly fall since mid-January this year.

In company news today, shares of MyDeal.com.au (MYD) surged 55.8 per cent after Woolworths (WOW) offered to purchase an 80 per cent equity stake in the company for $1.05 per share. The acquisition price is 64.1 per cent higher than MYD’s closing price yesterday. WOW said that MYD will enhance “marketplace capabilities” and will “complement BIG W’s existing general merchandise offer”.

BHP (BHP) has confirmed that Woodside Petroleum (WPL) shareholders have approved the merger of BHP’s oil & gas portfolio with Woodside. Shares in WPL slid 3.8 per cent today.

Shares of Johns Lyng Group (JLG) had a rocky start and were down as much as 13 per cent in early trade, but managed to recoup most losses after finishing 3.4 per cent lower. This comes after the company announced that its CEO Scott Didier & COO Lindsay Barber both sold 1,000,000 shares to “manage their personal asset portfolios”. JLG also reconfirmed its FY22 revenue and EBITDA guidance.

Pact Group (PGH) has advised shareholders that its proposed acquisition of Synergy Packaging has not been opposed by the Australian Competition & Consumer Commission (ACCC). Shares in the packaging solution provider finished 4.4 per cent higher.

3.9bn shares were traded, worth $8.8bn. 912 stocks finished higher, 534 ended lower, while 374 closed unchanged.

In week ahead, the Reserve Bank of New Zealand will announce its official cash rate. In the US next Thursday, preliminary GDP data and unemployment claims will be released.

Originally published by Divik Nigam – (Author) CommSec