AU Evening Wrap: Shares Cling to Small Rise; Warrego Rallies 10%

Australia's $S&P/ASX 200(.XJO.AU)$ closed 0.1% higher at 7063.6, with the benchmark index feeling the drag of energy stock weakness amid tumbling oil prices. The energy sector was the day's weakest performer closing 1.3% lower, while technology stocks fell 1.1%.

$Karoon Energy Ltd(KAR.AU)$ was one of the day's biggest losers, finishing 4.6% lower, while $Beach Energy Ltd(BPT.AU)$, $Woodside Energy Group Ltd(WDS.AU)$ and $Santos Ltd(STO.AU)$ lost 2.5%, 1.7% and 0.9%, respectively.

$Warrego Energy Ltd(WGO.AU)$ vaulted to its highest level since late 2019 after suitor Hancock Energy sweetened its all-cash takeover offer to 36¢ from 28¢. Warrego climbed as far as 38.5¢ and closed sealing a 10 per cent rally to 38¢.

Financials rose 0.3%. Major banks-- $CommBank(CBA.AU)$, $National Australia Bank Ltd(NAB.AU)$, and $Westpac Banking Corp(WBC.AU)$ --gained between 0.1% and 0.8%, while ANZ ended unchanged. Fund managers also performed well with $Magellan Financial Group Ltd(MFG.AU)$ rising 2.4%, $Platinum Asia Investments Ltd(PAI.AU)$ adding 4.4% and $Pendal Group Ltd(PDL.AU)$ closing 1.4% higher.