The Australian sharemarket fell on Friday, pulling back from recent record highs as heightened Middle East tensions spurred a global flight to safety and boosted commodity prices.
The S&P/ASX 200 dropped 17.7 points or 0.2% to 8,547.4, with nine of the 11 sectors finishing in the red. The index still managed to lift 0.3% over the week, marking its fifth straight week of gains.
Markets were rattled after Israel launched strikes on Iranian nuclear sites, igniting fears of broader regional conflict.
Energy stocks led gains as Brent crude surged more than 9%. Woodside Energy soared 7.4%, and Santos added 3.7%.
Utilities also advanced, with AGL and Origin Energy trading 3.9% and 6.2% higher, respectively.
Gold prices also surged, with the spot price trading just below record highs of US$3,500.20 per ounce.
Gold miners rallied in response, with Northern Star Resources up 5.1%, Newmont gaining 5.8%, and Evolution Mining adding 5.5%.
However, major financial stocks dragged on the index, with Commonwealth Bank down 0.7%, ANZ falling 0.5%, and National Australia Bank declining 0.3%.
Among corporate movers, online luxury retailer Cettire continued its slump, tumbling 20.3% after a 31.2% plunge on Thursday after the company issued a profit downgrade.
Accent Group also faced sharp selling, shedding 24.7% after reporting a post-Christmas sales slowdown.
Dalrymple Bay Infrastructure dropped 6.2% after Brookfield Infrastructure offloaded a 23.2% stake in the Queensland coal terminal.
On the bond market, 10-year and 2-year rates fell 0.2% and 0.3% to 4.164% and 3.265%, respectively.
