Major miners and Coles have powered the ASX 200 to break their worst run since 2018, delivering a 64-point recovery.
A bounce from a major miner and strong sales from a supermarket juggernaut helped the ASX 200 snap its longest losing streak in eight years.
The benchmark ASX 200 bounced 64 points or 0.74 per cent to 8729.80, while the broader All Ordinaries rebounded 67 points or 0.75 per cent to 8954.60.
Prior to Friday’s recovery, shares had traded lower for the last eight trading sessions, the worst run since 2018.
The Australian dollar slid 0.15 per cent to buy 71.89 US cents.
On a strong recovery 10 of the 11 sectors traded higher.
Leading the gains were the materials, with BHP up 2.27 per cent to $54.94, Rio Tinto leapt 2.73 per cent to $171.97 and Fortescue added 1.83 per cent to $20.01.
The strong day from the materials sector followed a fall in the oil price which came back from a four-year high of $US126 ($A175) a barrel to $US111 ($A154).
Despite the price of oil falling, AMP deputy chief economist Diana Mousina warned while there were some positive signs on negotiations earlier.
Talks now appear to have stalled, leaving the situation stuck in a geopolitical “no man’s land”.
“There is clearly an expectation that some form of resolution will emerge, particularly as missile attacks have eased in recent weeks,” Ms Mousina said.
“However, we think markets are underestimating the risks – especially in the oil market.”
Consumer staples also outperformed in large part due to Coles which surged 3.66 per cent to $22.92 after it announced group sales revenue of $10.7bn for the 12 weeks to March 29.
Rival supermarket Woolworths shares slid 0.70 per cent to $34.15, while Endeavour Group jumped 2.09 per cent to $3.42, while A2 Milk climbed 2.68 per cent to $7.27.
Financials was the only sector that traded in the red.
Commonwealth Bank dragged 0.36 per cent to $173.04, Westpac slipped 0.13 per cent to $38.45 and NAB had a small dip of 0.13 per cent to $39.83.
ANZ slumped 2.84 per cent to $35.61, despite posting a half-year $3.65bn profit, up 9 per cent on the previous six months.
But shareholders traded down the stock, as ANZ chief executive Nuno Matos warned the war is translating into greater economic uncertainty.
He said that included lower national growth, higher inflation and interest rate hikes which will all challenge some customers.
“As Australia’s most international bank we have a front-row seat to global developments,” Mr Matos said.
“Much of the potential impact of this crisis remains ahead of us, but the longer the flow of oil is constrained, the greater the chance the crisis shifts from being primarily an inflation challenge, to much more of a supply and growth challenge.”
In other company news, shares in Qantas added 0.83 per cent to $8.48 after the airline extended flight cuts into 2026-2027 due to the war in the Middle East.
Shares in ResMed dropped 3.53 per cent to $28.73 after the sleep disorder treatment business announced an 11 per cent increase in revenue to $US1.4bn ($A1.94).
ANZ has posted a massive half-year profit, up nine per cent, as it delivers a dire warning to every Australian household.
Supermarket giant Coles has delivered its sales results for the March quarter, making a huge promise to Aussies on looming price hikes.
The ASX has plunged for eight straight sessions as soaring oil prices threaten to devastate grocery bills and corporate margins.