Australia shares rangebound; traders assess Middle East escalations
Australian shares were trading in a tight range on Friday as escalating tensions in the Middle East lifted oil prices, and investors waited for details on the US-China trade deal.
The S&P/ASX 200 index inched 0.2% lower to 8,551.80, as of 0054 GMT.
It is 87.30 points short of the record high it had touched on Wednesday.
Shares have risen 0.4% so far this week, their fifth week of consecutive gains.
Geopolitical tensions in the Middle East soared after Israel attacked Iran's nuclear facilities.
Earlier, the US ordered the evacuation of personnel from Iraq, saying 'it could be a dangerous place.'
This week, investors kept an eye on the trade discussions between the US and China.
The two countries eventually agreed to a framework that kept the prospects of a deal on track, but details were yet to be determined.
Local energy stocks jumped 3.6% to a more than three-month high, tracking a surge in oil prices.
Sector majors Woodside Energy advanced 3.5% and Santos climbed 3.2%. Both stocks were among the top performers on the benchmark.
Gold stocks rose 3.8%, amid the geopolitical tensions and cooler US economic data.
Australian shares erase early gains to close lower
Northern Star Resources added 3.5%, while Evolution Mining rose 4.9%.
Miners climbed 0.2% with both BHP and Rio Tinto trading lower, while Fortescue rose 0.4%. Meanwhile, banks slipped 0.5%, with three of the top four lenders losing between 0.1% and 0.2%.
ANZ was the only outlier.
Next week, investors will be looking out for May employment data in Australia and the first-quarter economic growth figures in New Zealand.
In New Zealand, the benchmark S&P/NZX 50 index fell 0.1% to 12,630.92.
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