The ASX 200 Index closed at a record high, buoyed by gold and oil stocks, despite the ongoing conflict in the Middle East. The US-Israeli strikes that killed Iran's supreme leader, Ali Khamenei, sent commodity prices soaring, with Brent crude up 5.8% and gold gaining 1.4%. The conflict has disrupted key aviation hubs and halted oil shipments through the Strait of Hormuz, raising concerns about the duration of the disruption. Market analyst Josh Gilbert noted the uncertainty, emphasizing that markets dislike uncertainty, especially in such a volatile geopolitical landscape. The energy sector surged by nearly 5%, with Woodside, Santos, and Karoon leading the rally. Gold miners also performed well, with Newmont, Resolute Mining, and Genesis Minerals seeing significant gains. However, the conflict's impact on international aviation caused Qantas to drop 5.4%, and Web Travel to fall 6.5%, despite CFO Tony Ristevski withdrawing his resignation. The financial sector faced selling pressure, with the big four lenders and money managers slumping after the collapse of UK mortgage provider Market Financial Solutions. MA Financial agreed to sell Infinite Care to Anglicare Sydney, delivering investors a substantial return on their capital. The technology sector resumed selling, with WiseTech Global, Xero, and NextDC experiencing losses. Magellan Financial remained in a trading halt as it launched an equity raising for a merger with Barrenjoey Capital Partners. Lynas Rare Earths added 5.4% after its operating licence was renewed for 10 years. Ampol rose 3.2% as the ACCC reassessed competition concerns, identifying 54 EG Australia sites that may raise concerns, down from 115 in January. The ASX's resilience in the face of global uncertainty highlights the impact of geopolitical events on markets and the importance of risk management for investors.
