On Tuesday, Surfstitch (SRF) deteriorated, with its shares slumping by 8.3 per cent after shedding a quarter of its value on Monday. Claims the online clothing retailer could face a possible $100m class action over failing to disclose the true state of its finances was a weight on the stock.

A substantial downgrade to its FY17 guidance was behind Friday’s weakness. SRF ended the week on $0.068.

Also on Tuesday, online payment company, OFX improved by 17 per cent despite posting an 18 per cent slide in FY profits to $19.6m. Some investors seemed to be under the impression this could be a turning point as its shares have halved from mid-2016. OFX ended the week on $1.63.

On Wednesday, Sigma Healthcare (SIG) sank 31 per cent after announcing it is planning legal action against the My Chemist/Chemist Warehouse Group over an alleged breach of a supply agreement. SIG ended the week at $0.05. On Friday’s trade Select Harvests (SHV) shares sank 10.1 per cent after the company downgraded its 2017 almond crop forecast. SHV said that, with 98 per cent of its crop in, it has reduced its crop estimate to be 13,500-14,000 tonnes.  That’s the second-largest crop in the company's history. SHV closed the week’s trade at $4.34.

The energy sector was the biggest drag on the market on Friday’s trade dropping 1.7 per cent following a 5 per cent plunge in oil prices. Investors were disappointed that OPEC agreed to extend production cuts only for another nine months. Woodside Petroleum (WPL) lost 2.7 per cent, Santos fell 2.0 per cent and Oil Search (OSH) slipped 1.6 per cent. 

At the close of weekly trading, the gold price finished at $1,271.40 per ounce, the WTI oil price traded at $49.80 a barrel, and the Australian dollar was worth US $0.7448. 

In the US on Friday night, the Dow Jones finished down 2.67 points to end the week at 21,080.28.