Market Wrap / weekend talks

Wall Street’s push to record highs failed to lift sentiment on the local market this Friday, with the S&P/ASX 200 easing modestly to 8,946.9 points. Over the last week, the index was virtually unchanged. Investor concerns were centred on the stagnation in US-Iran ceasefire talks, with markets watching closely for any further escalation or breakdown in negotiations. Oil pries slipped although domestic supply pressures were heightened by the fire at Viva Energy’s Geelong refinery. Petrol production is currently running at around 60% capacity, with diesel at 80%, while the company remains in a trading halt. Across the index, tech continued its positive stint, leading gains up 1.3%.  Specifically, Zip upgraded its earnings guidance off a strong third quarter, noting a 40% rise in cash earnings year on year and sending the share price 14% higher.  Elsewhere, aluminium giant Alcoa reported revenue of US$4.47 billion, down 5% from the previous year, with shares failing to gain traction and closing down 3.5%. In company news, Amplitude Energy has secured a major gas deal with AGL to supply 20 petajoules over four years. After a tough month marked by drilling setbacks, the stock rose 1.2%, though it remains down 35% over the past month. Tonight, investors continue to monitor developments out of the Middle East conflict.