AU Evening Wrap: ASX 200 Rises 0.3%, Ends Week Up 0.9%

Australia's $S&P/ASX 200(.XJO.AU)$ closed 0.3% higher at 7796.0, completing a positive week driven by gains in utility, energy, and health stocks. The benchmark index remained relatively stable, moving only 0.1% across the previous two days, until it rose through Friday afternoon to end the week with a 0.9% gain.

$AGL Energy Ltd(AGL.AU)$ and $Origin Energy Ltd(ORG.AU)$, power generators and retailers, rose by 1.0% and 3.3%, respectively, while oil and coal stocks also saw gains. The energy sector's gain was pared to 1.1% due to weakness among refiners. The health sector recaptured all the ground it lost on Thursday, rising by 0.1%. The heavyweight materials sector was flat for the fourth consecutive session, moving less than 0.1%.

Clinical dermatology company, $Botanix Pharmaceuticals Ltd(BOT.AU)$, has received firm commitments for a capital raising of AU$70 million through an institutional placement. According to a filing made with the Australian bourse on Friday, the company will issue 233,333,334 new fully paid ordinary shares at AU$0.30 per share. The funds raised from this placement will be utilized towards the launch of Sofdra in the US, covering sales and marketing infrastructure, digital marketing, telemedicine, manufacturing, quality assurance, support services, working capital, and placement costs.

$Pilbara Minerals Ltd(PLS.AU)$ announced on Friday that a prefeasibility study has confirmed the potential for a significant expansion of its flagship lithium operation in Western Australia. The study found that the roughly AUD 1.2 billion (USD 799 million) project would be highly accretive and could enter production later this decade.