To The Moon

Australian shares surged on Friday after US President Donald Trump said a peace deal with Iran could be signed as soon as the weekend, raising hopes for an end to the conflict that has roiled markets. The S&P/ASX 200 Index advanced 128.90 points, or by 1.5 per cent, to 8762.10 by 10.10am AEST, with nine of the 11 sectors stronger. The benchmark is on track to rise to 1.6 per cent for the week. West Texas Intermediate fell almost 3 per cent at the open to $US85.13 a barrel, its lowest level since April 17, before trimming losses later in the session. Trump vowed to hit Iran again and threatened to seize its oil infrastructure, before announcing attacks were off and a deal was close, without confirmation from Tehran. Trump has repeatedly said a deal with Iran was imminent on numerous occasions, but none has yet eventuated. The Australian dollar was steady at US70.40¢ on the geopolitical developments, while gold, which has fallen more than 20 per cent since the conflict started rebounded above $US4200 an ounce. Materials were the strongest sector as BHP rose 2.6 per cent and Rio Tinto by 2.4 per cent. Gold miners rocketed with Evolution Mining up 6.3 per cent, Newmont by 4.9 per cent and Genesis Minerals added 6.9 per cent. Banks rebounded from heavy selling this week with Commonwealth Bank and National Australia Bank rising 1.2 per cent, Westpac by 1.1 per cent and ANZ by 1.6 per cent after its New Zealand chief executive Antonia Watson revealed plans to retire. Oil stocks were sold on the prospect that the Strait of Hormuz could reopen. Woodside Energy dropped 2.4 per cent and Santos slid 1.7 per cent. Karoon Energy tumbled 4.2 per cent. $(XAO.AU)$ $(XJO.AU)$ $(XKO.AU)$ $iShares Core S&P/ASX 200(IOZ.AU)$ $SPDR S&P/ASX 200 RESOURCES F(OZR.AU)$ $BETASHARES GEARED AUS EQTY F(GEAR.AU)$ $BETASHARES AUSTRALIAN STRONG BEAR (HEDGE FUND)(BBOZ.AU)$ $SPDR® S&P/ASX 200 ETF(STW.AU)$ $BetaShares Australian Res Sect ETF(QRE.AU)$ $BETASHARES AUS EQ BEAR HF(BEAR.AU)$ $SPDR S&P/ASX 200 LISTED PROP(SLF.AU)$ $SPDR S&P/ASX 200 FINANCIALS(OZF.AU)$ $SPDR S&P/ASX 200 ESG FUND(E200.AU)$ $BetaShares Australian Fincls Sect ETF(QFN.AU)$ $Etfs S&p/asx 300 High Yield Plus Etf(ZYAU.AU)$ $Intelligent Investor Australian Equity Growth Fund (Managed Fund)(IIGF.AU)$ $INTELL INV SELVAL SHR FD MF(IISV.AU)$ $VANGUARD AUST SHARES IDX ETF(VAS.AU)$ $VANGUARD AU PROP SEC IDX ETF(VAP.AU)$ $DIMENSIONAL AUST CORE EQ(DACE.AU)$ $EINVEST INCOME GENERATOR FD(EIGA.AU)$ $PERPETUAL ESG AU SHR EQMF(GIVE.AU)$ $INV MUTUAL CONC AUS SHAR ETF(IMLC.AU)$