ASX Today Live News & Analysis

Australia's share market has broken its worst losing streak since 2018 as oil prices eased from four-year highs and strong US earnings boosted investor sentiment.

The S&P/ASX200 gained 64 points on Friday, up 0.74 per cent, to 8,729.8, while the broader All Ordinaries improved by 67 points, or 0.75 per cent, to 8,954.6.

The top 200 has fallen 0.6 per cent since Monday, dropping 2.5 per cent over three weeks of losses as the US-Iran conflict and Strait of Hormuz blockade drags on.

US earnings, the Middle East geopolitical situation and multiple central bank meetings had driven markets during the week, Capital.com senior market analyst Kyle Rodda told AAP.

"The geopolitics is a downside risk, the policy uncertainty is a bit of a downside risk, but the results from US companies were just so strong it's almost impossible for investors to ignore, and it's largely responsible for why we've seen the markets mostly sail through this volatility."

The local bourse, with its less illustrious tech sector, continued to underperform its Wall Street counterparts, as ongoing local inflationary pressures point to a likely interest rate hike at the Reserve Bank's upcoming meeting.

Oil prices eased after spiking to four-year highs above $US120 a barrel on Thursday, with US-Iran peace talks and the Hormuz Strait - an arterial route for a fifth of global crude supply - at effective standstills.

"The longer it straight stays closed, the worse things get," Mr Rodda said.??

"We are heading for a bit of a supply cliff for the next few weeks, that's still a risk that markets are putting to one side and could result in some pullback or an asset price correction if things don't get better."

ASX-listed energy stocks ended the session slightly better than flat despite trailing for most of the session, as a heavy Woodside counterbalanced strength elsewhere in the sector.

Refinery operators Ampol and Viva Energy each traded 1.6 per cent higher or more.

Basic materials outperformed the other segments, gaining 2.1 per cent on the back of strong leads from mega miners BHP and Rio Tinto, after iron ore futures spiked to more than three-month highs overnight.

Gold miners also improved, as the precious metal traded near $US4,595 ($A6,392) an ounce.

Evolution Mining was a stand-out, gaining more than two per cent after a positive resources and reserves update.

Mixed miners, copper plays, rare earths and battery minerals producers also advanced.

The heavyweight financials sector was the only group to end the day lower, shedding 0.3 per cent as ANZ led the big four banks lower.

ANZ shares dropped 2.8 per cent to $35.61, after a first half earnings beat was overshadowed by disappointing revenue trends and credit growth, according to UBS analysts.

Consumer-facing stocks performed well, with both staples and cyclicals up 0.8 per cent or more.

In company news, Qantas lifted by 0.8 per cent to $8.48 after flagging plans to extend its flight cuts into the 2027 financial year and shifting more planes to Europe to save on soaring fuel costs.

Virgin shares slipped 0.5 per cent to $2.16, its weakest close since re-listing on the ASX at $2.90 in June last year.

The Australian dollar is buying 71.96 US cents, up from 71.16 US cents on Thursday, with the greenback dipping after Japanese authorities defended the yen by buying the currency with US dollars.

ON THE ASX:

*The S&P/ASX200 rose 64 points, or 0.74 per cent, to 8,729.8

*The broader All Ordinaries jumped 67 points, or 0.75 per cent, to 8,954.6

The NZX 50 added 135.89 points (1.04%) to 13,039.20 while the Nikkei gained 228.20 points (0.38%) at the time of writing, to be closed at 59,513.12