Market Wrap / running dry

The local share market closed relatively flat despite an initial dip as investors continued to monitor the conflict in the Middle East.

The S&P/ASX200 closed down 0.14% at 8,617.10 points to end the week on a much needed positive note. Over the course of the week, the index fell 2.6%.

Energy stocks continued their weekly rally, with Woodside and Santos rising 0.1% and 0.5% respectively. Although it was coal miner Yancoal which saw the largest gains in the sector, rising 4.5% following the increased demand for alternative energy sources. 

In company news, Qantas has agreed to pay $105-million dollars to settle a class action regarding flight credits during the Covid pandemic, shedding 0.7% in the day's trade. Along with broader sector headwinds, the airline carrier finds itself down 16.9% over the month. 

Elsewhere Electro Optic Systems has secured two orders for counter drone systems worth $64-million in the Middle East and US sending shares to a record high. 

And biotech small cap Immutep shares have plummeted 88.6% as it abandoned a late-stage clinical trial of its lead cancer therapy following a negative interim analysis.

Tonight, core US PCE data from January is set to be released as investors continue to monitor overnight developments out of the Middle East war.