The Australian sharemarket notched a modest 0.1 per cent gain on Friday to finish the financial year up 7.8 per cent.

The ASX 200’s return in the 2023-24 financial year fell short of beating last year’s 9.7 per cent.

The best performing of the ASX’s 11 sectors in financial year 2024 was technology with a 28 per cent gain, while the worst sector was energy, down 7.4 per cent – weighed down by a poor 12-month performance from sector heavyweight Woodside.

Over a week dominated by rising bets on an interest rate increase from the Reserve Bank of Australia, the benchmark share index lost 0.3 per cent to finish at 7767.5.

The mining sector bore the brunt of the selling on Friday to finish the day down 1 per cent. Lithium miners extended their heavy losses this year, with Pilbara Minerals falling 5.8 per cent to $3.07 and Mineral Resources slipping 3.6 per cent to $53.92.

Friday’s 0.1 per cent gain was driven by interest rate sensitive bank and tech stocks, which both edged higher ahead of US inflation data due late that night. The Australian dollar lost 0.4 per cent over the trading day to buy US66.2¢ at the closing bell.

Stock movers

In corporate news, Treasurer Jim Chalmers announced ANZ’s proposal to buy Suncorp Bank could proceed, with the latter to retain its insurance operations based in Queensland on a standalone basis. The insurer said it will return the majority of the proceeds from the bank sale to shareholders by the first quarter of 2025, assuming other regulatory approvals.

Suncorp shares advanced 3.6 per cent to a post-GFC high of $17.41 and ANZ shares slipped 0.2 per cent to $28.24.

Shares in fellow insurer IAG surged 7.2 per cent to $7.14 after detailing a major reinsurance deal and confirming operating earnings guidance for the 2024 financial year.

Elsewhere, Mirvac Group sold a $1.3b stake in a new office tower in Sydney to Japanese developer Mitsui. Shares in Mirvac firmed 3.3 per cent to $1.87.

Online retailer Adore Beauty said it will pay $25 million in cash for beauty brand Ikou, sending shares 5.5¢ lower to 88.5¢.

Finally, Guzman y Gomez dropped 7.5 per cent to $27.42, marking its worst one-day performance since the high-growth burrito merchant’s blockbuster $3 billion listing last week.