The ASX extended its gains with energy stocks leading, while Resolute Mining rebounded after its CEO’s release by Mali’s junta.

ASX 200 resets record highs as energy stocks rebound

Australian shares continued their upward momentum on Friday, with the energy sector leading the charge for the second consecutive session after the intensifying Russia-Ukraine conflict pushed oil prices higher.&nbsp;The S&amp;P/ASX 200 rose 70.8 points or 0.9% to fresh all-time highs of 8,393.8.&nbsp;The index has gained 1.5% this week, reflecting investor optimism despite ongoing geopolitical tensions.&nbsp;Of the 11 sectors, technology was the only decliner, primarily due to a 12.4% drop in WiseTech, following the company’s <a href="https://azzet.com/news/wisetech-stocks-dip-earnings-guidance-downgraded">downgrade</a> of revenue and earnings forecasts for FY25.&nbsp;The a2 Milk Company saw significant gains, rising 13.3% after the company raised its revenue guidance and announced it would begin paying dividends. This comes on the back of stronger-than-expected sales and higher global dairy prices.&nbsp;Large-cap stocks BHP, Rio Tinto, and Fortescue added 0.9%, 0.6% and 1.1%, respectively.&nbsp;&nbsp;The big four banks also posted gains, with Commonwealth Bank hitting a new high of $158.20 per share.&nbsp;<a href="https://azzet.com/news/oil-prices-hit-2wk-highs-amid-russia-ukraine-conflict">Rising</a> oil prices, driven by concerns over the Russia-Ukraine conflict, boosted energy stocks. Woodside climbed 2.2%, while Santos gained 1.8%. Whitehaven Coal surged 3.6% as the sector capitalised on the spike in crude prices.&nbsp;Gold also saw a rally amid rising geopolitical tensions, with Westgold Resources adding 1.8% and Newmont Corp gaining 1.4%.&nbsp;Resolute Mining rebounded 1.7% after the release of its CEO and two other employees by Mali’s junta. The company has agreed to pay US$160 million in back taxes to the government.&nbsp;Megaport, a software company, was the biggest loser, down 9.5% despite reaffirming its FY25 earnings outlook of $57 million to $65 million.&nbsp;Online retailer Kogan also eased 2.7% despite <a href="https://yourir.info/resources/df30e85db6dc767d/announcements/kgn.asx/3A656345/KGN_2024_AGM_Presentation.pdf">reporting</a> better-than-expected earnings for FY24.&nbsp;On the bond markets, 10-year and 2-year rates were slightly lower at 4.552% and 4.095%.

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ASX 200 resets record highs as energy stocks rebound | Azzet™ - Where decisions are made