TMH Market Close: ASX200 closes the week higher, boosted by energy stocks

The ASX closed the week trading higher, with almost all sectors ending with a win.

Energy stocks surged ahead, up more than three per cent, with utilities and miners close behind.   

In the green

GreenTech Metals (GRE) continued to climb after confirming the presence of spodumene-bearing pegmatites at its Ruth Well nickel-copper project in WA’s Pilbara region.

The company also entered a services agreement with Obsidian Metals Group to fast-track its WA lithium exploration strategy. The company closed at 44.5 cents.

Jervois Global (JRV) received roughly $22 million in funding from the US Department of Defence.

The funds will be used to begin work at its Idaho cobalt operations mine in the US, sending the company’s shares upwards.

And Austco (AHC) surged after its subsidiary in Canada secured a $7.4 million contract – the highest in the company’s history. 

The contract will see Austco supply its industry-leading alarm management and clinical workflow solution to the new 548-bed hospital in Vancouver,

In the red

C29 Metals (C29) fell more than 22 per cent, despite not releasing any news since defining high-priority copper targets at its Sampson’s Tank project in central New South Wales last month.

Incannex Healthcare (IHL) dipped, despite announcing the recruitment of two principal investigators for its clinical trial for obstructive sleep apnoea.

And DGL Group (DGL) recorded a loss of 12.5 per cent. Despite the company meeting its revenue forecast to date, cost increases inside their operations have eroded margins, particularly within the environmental division.