Australian ASX rebounds as Gulf tensions ease and mining stocks rally
The S&P/ASX200 gained about 0.45% on Friday, ending a four‑day losing streak as oil prices fell and investors judged the recent Iran‑U.S. flare‑up in the Persian Gulf to be short‑lived. Analysts noted that regional restraint, including Oman’s opposition to Iran’s proposed transit fee, helped calm markets.
Mining and materials shares led the rise, with Rio Tinto, BHP, Newmont, and Northern Star posting gains. Gold prices firmed near US$4,110 an ounce and uranium producer Paladin Energy surged after reports of increased Australian uranium exports to India. Among company updates, Rural Funds Group announced the sale of five agricultural assets for A$255.6 million to reduce gearing, Chilwa Minerals lodged a U.S. SEC filing ahead of a potential Nasdaq listing, Peregrine Gold reported a new gold target at its Newman project, Cavalier Resources secured A$23 million in financing for its Crawford Gold Project, and Noronex identified new copper targets in the Kalahari Belt. WiseTech Global reassured investors about its client relationship with DSV, and Telstra’s CEO Vicky Brady apologized for a recent network outage.
The Australian dollar edged higher to US$0.6950, while energy stocks were mixed and consumer staples lagged.