SYDNEY, AAP – Santos and Oil Search confirmed their impending marriage and investors liked commodity stocks enough to raise the ASX at the end of the week.
Santos and Oil Search opted to go ahead with a $21 billion juggernaut having spent the last few weeks examining more financials.
Energy and materials shares fared best on a mostly positive Australian market.
The benchmark S&P/ASX200 index closed higher by 37.1 points, or 0.5 per cent, to 7406.6.
For the week, the index lost 1.55 per cent.
The All Ordinaries on Friday closed up by 47.3 points, or 0.62 per cent, to 7706.2.
The Australian dollar was buying 73.79 US cents at 1620 AEST, higher than 73.60 US cents at Thursday’s close.